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Hyundai to buy electric vehicle batteries from SK Innovation, according to report

SEOUL — Hyundai Motor and affiliate Kia Motors have decided to secure electric vehicle batteries from SK Innovation for the next four to five years, Maeil Business Newspaper said on Friday, citing industry sources. The sources said the deal was worth more than 10 trillion won ($8.6 billion). SK Innovation, Hyundai Motor and Kia declined to comment. Hyundai Motor said in October it would launch 16 EV models by 2025, aiming to boost EV sales 560,000 by then, a level that would be equivalent to more than 10% of its projected global sales this year. Reporting by Hyunjoo Jin. Related Video:    

2021 Kia Sorento unveiled with new look, more tech, and two hybrid options

We've seen the all-new, fourth-generation 2021 Kia Sorento before, as Kia unveiled it online earlier in 2020, but this is our first glimpse at the American-spec model and with that glimpse comes a full set of details. Included is a longer list of technology features, more all-terrain capability, and an available plug-in hybrid powertrain. While the American market version looks a lot like the variant that will be sold in global markets, the range will include an outdoorsy equipment package named X-Line, offered as the AWD version of SX Prestige model, which adds an inch of ground clearance, specific 20-inch alloy wheels, a bridge-type roof rack, and a handful of rugged-looking exterior accents. It also brings a center locking differential and electronic hill descent control. While it won't be giving a Jeep Grand Cherokee fits, it sounds like it will be more capable over rough terrain than your average family crossover. Besides the X-Line's extra ground clearance (a decent 8.3 inches), every 2021 Sorento gains 1.4 inches of wheelbase. Total length remains the same, though, and third-row legroom has actually gone down by 2 inches. As such, the Sorento maintains its unusual in-betweener position: it's bigger and has more seats than a Honda CR-V or Toyota RAV4, but it isn't as spacious or cumbersome as bigger three-row crossovers. This positioning makes even more sense now that Kia sells the Telluride. The 2021 Sorento comes standard with an 8-inch touchscreen and six USB charging ports. Buyers willing and able to move up the trim hierarchy and tick a few boxes on the list of options unlock a 12.3-inch digital instrument cluster, a 360-degree camera, eight USB ports, a 10.25-inch touchscreen for the infotainment system, cloud-based navigation, plus multi-connection Bluetooth technology that lets the passengers simultaneously connect two phones. Owners can also use an Amazon Alexa- or Google Assistant-enabled smart speaker to remotely start the engine, among other functions.  The 2021 Sorento range will ultimately include four powertrains. Entry-level models come with a 2.5-liter four-cylinder engine that develops 191 horsepower and 182 pound-feet of torque. The upgrade engine option is now a turbocharged version of the 2.5-liter making 281 horsepower and a stout 311 pound-feet of torque. The old Sorento's V6 is no more. Front-wheel drive and an eight-speed automatic transmission come standard on both, and all-wheel drive is offered at an extra cost.

Hyundai Motor reassigns 17 top execs to make way for fresh ideas

SEOUL — South Korean conglomerate Hyundai Motor Group shook up its executive ranks on Tuesday and appointed its first foreign head of research and development, raising expectations of a smooth transition of power at the family-run business empire. The reshuffle, first reported by Reuters on Tuesday and confirmed by Hyundai on Wednesday, is part of preparations for generational change in the executive ranks at South Korea's second-largest family-owned business empire. Group President Albert Biermann, a German former BMW executive, was named head of research and development, replacing longtime executives Yang Woong-chul and Kwon Moon-sik. The move was seen as a significant step to bring in fresh ideas at the Korean-dominated group. In all, 17 top executives were reassigned across the group including at Hyundai Motor Co and Kia Motors Corp — which together form the fifth-biggest automaker in the world. The move follows the promotion of Euisun Chung in September to Hyundai Motor's executive vice chairman, moving him closer to succeeding his 80-year-old father, Mong-Koo Chung, as group chairman. It comes as Hyundai Motor Co battles to reverse falling profits as a result of U.S. recall costs and weak sales in the U.S. and Chinese markets. Hyundai Motor Co shares jumped as much as 9 percent to their highest level since Oct. 10, while shares in affiliates like Hyundai Mobis, Hyundai Wia and Hyundai Glovis also rallied. While the announcement by Hyundai on Tuesday of a major investment in fuel cell production also lifted sentiment, analysts said most of the share price rise could be attributed to the leadership changes. In particular, it signaled that the junior Chung was making progress with his plans to restructure the sprawling group after a previous plan was scrapped due to opposition from U.S. hedge fund Elliott. "The reshuffle signals that the junior Chung is tightening his grip on the conglomerate, a move which raises investors' hopes for change," said Kim Joon-sung, an analyst at Meritz Securities. Ascendance of outsiders In a sign that Chairman Chung's grip may be weakening, one of his closest lieutenants, Hyundai Motor Co Vice Chairman Kim Yong-hwan, was reassigned away from the core automaker and named vice chairman of steelmaking affiliate Hyundai Steel.