2011 Kia Soul + on 2040-cars

Auto blog

Hyundai, Kia warn of $2.9B earnings hit over engine issues

SEOUL — Hyundai Motor and affiliate Kia Motors warned of another $2.9 billion of provisions related to engine issues, bringing their total hit from the years-long quality problem that has tarnished their credibility to nearly $5 billion. Hyundai Motor Group said on Monday their third-quarter earnings would reflect quality-related costs of a combined 3.36 trillion won ($2.94 billion), of which Hyundai accounted for 2.1 trillion won and Kia for 1.26 trillion. Hyundai and Kia, together the worldÂ’s No.5 automaker, recalled nearly 1.7 million vehicles in 2015 and 2017 in one of their biggest recalls in the United States, citing an engine failure that raises the risk of crashes. In 2017, U.S. safety regulators began to investigate if the recalls had covered enough vehicles and were done in a timely fashion. That followed concerns reported by a South Korean whistleblower, a former quality official at Hyundai, to the U.S. National Highway Traffic Safety Administration (NHTSA). Hyundai was being investigated by U.S. prosecutors over whether vehicle recalls were conducted properly, Reuters reported in 2018. From 2017 to 2019, the two firms have earmarked a series of provisions mostly to address engine-related issues, which amounted to about 2.04 trillion won, according to Reuters' calculation. The latest provisions reflect higher-than-expected replacement rates for Theta II GDi engines of old vehicles subject to recalls, as well as growing consumer complaints over the same engine and other engines not subject to recalls, Hyundai said. The engine is in a wide variety of vehicles. "Hyundai has repeatedly said it does not see any more costs related to the Theta II engine issues, and the latest recall would deal a fatal blow to Hyundai's credibility," Sean Kim, an analyst at Dongbu Securities said. "I am worried." He expected Hyundai and Kia to swing to losses for the quarter from July to September, hit by the provisions. Hyundai Motor closed down 2.3% and Kia Motors ended down 1%. ($1=1,141.42 won)   Earnings/Financials Recalls Hyundai Kia

2014 Kia Cadenza goes on sale this month priced from $35,100*

Kia's sedan lineup is about to get much more luxurious with the addition of the new Cadenza and range-topping Quoris models, but the Amanti-replacing 2014 Cadenza will be the first to hit dealers this month with a starting price of $35,100 (*not including $800 for destination). For those keeping record, that's more expensive than Hyundai's version of this car, the Azera, and about $1,000 more than the Genesis, but it sounds like the new front-wheel-drive Kia will be getting a few more advanced features than its Hyundai counterpart.
In base form, the Cadenza comes standard with leather seating, navigation and a premium Infinity 12-speaker audio system, and the $3,000 Luxury Package adds nappa leather seats with a ventilated driver's seat, a seven-inch thin-film transistor (TFT) display, heated rear seats, power tilt and telescoping steering column, adaptive HID headlights and a panoramic sunroof. On models already equipped with the Luxury Package, buyers can also add on the Technology Package, which includes adaptive cruise control, blind spot detection, lane departure warning and hydrophobic glass on the front doors - previously, Kia stated that the Cadenza would be getting this water-repelling technology on the windshield, but this press release specifies that it will be applied to the front side windows. And if these two packages aren't enough luxury for you, Kia's cherry on top is a no-cost White Package that adds white nappa leather seats, woodgrain trim and a premium headliner.
All in, the 2014 Cadenza will run $41,100 with every option box checked, so we can only imagine how much the Qurois is going to cost when it makes its debut. Scroll down for the press release detailing the pricing for the new Cadenza.

Chevy, Kia and Jeep win 2020 North American Car, Utility and Truck of the Year

Although the Detroit Auto Show is moving to the summer, the North American Car, Utility and Truck of the Year (NACTOY) awards were again announced in January. The car of the year is the 2020 Chevy Corvette Stingray. Utility of the year is the 2020 Kia Telluride. Truck of the year is the 2020 Jeep Gladiator. None of these choices was particularly surprising. All of these cars were major releases that delivered on style, performance and functionality. That being said, the runners-up in each category were noteworthy, too. You can see the full list of finalists below. Car Chevy Corvette (Winner) Toyota Supra Hyundai Sonata Utility Kia Telluride (Winner) Hyundai Palisade Lincoln Aviator Truck Jeep Gladiator (Winner) Ford Ranger Ram HD Follow any of the inline links above to read our reviews on the winners and finalists. Related Video: