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Hyundai Motor's two R&D vice chairmen reportedly resigning

SEOUL — Hyundai Motor Group's two vice chairmen in charge of research and development have offered to resign, three people familiar with the matter told Reuters on Tuesday. R&D president Albert Biermann is likely to be named the new head of the division, two of the sources added, declining to be named as they are not authorized to speak to media. Hyundai is battling a plunge in sales, profits and its share price, and the reshuffle would be the latest since Hyundai promoted Euisun Chung in September to executive vice chairman, moving him closer to succeeding his octogenarian father as head of South Korea's second-largest group. The group has appointed new product strategy, design chiefs and replaced senior executives at its overseas operations, including China and the United States. The latest shake-up at the group, which includes Hyundai Motor and its affiliate Kia Motors, could be announced on Wednesday, one of the sources said. It is "part of a generational change Chung is pushing for," another person said. A Hyundai Motor spokesman declined to comment. The group's vice chairmen, Yang Woong-chul and Kwon Moon-sik, both aged 64, told senior officials on Tuesday that they would leave the company, the sources said, declining to say why they had offered to resign. Biermann, a former BMW performance vehicle development official, adds to a flurry of foreign executives that Chung, 48, has brought in to the company typically dominated by Koreans. In October, Thomas Schemera, also a former BMW executive, was appointed to lead product planning for autonomous cars, connected and electrified vehicles, while Luc Donckerwolke, a former Bentley design chief, was appointed to oversee design at Hyundai and Kia. Hyundai Motor's third-quarter net profit plunged by two-thirds, hit by U.S. recall costs that added to its problems. The automaker was already suffering with weak sales in its key U.S. and Chinese markets. Hyundai's share price is down more than 10 percent this quarter, despite a recent rebound driven by a share buyback plan announced on Nov. 30. Reporting by Hyunjoo JinRelated Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Hyundai now on the electric offensive to catch up with Tesla

SEOUL — Hyundai, an early backer of hydrogen cars, has watched the electric rise of Tesla, including on its home turf. Now's it's going on the offensive in the battery-powered market led by its U.S. rival. The South Korean company plans to introduce two production lines dedicated to electric vehicles (EVs), one next year and another in 2024, according to an internal union newsletter seen by Reuters. Euisun Chung, leader of the Hyundai Motor Group conglomerate that also includes Kia Motors, has also held a series of meetings since May with his counterparts at Samsung, LG and SK Group, which make batteries and electronic parts. The purpose of the talks, which were publicly announced, was for Hyundai to try to secure batteries at a time of tight supply as the race for EVs intensifies, according to several industry sources. Those manufacturers also supply the likes of Tesla, Volkswagen and GM. Hyundai told Reuters it was collaborating with Korean battery suppliers "to scale up" its electric car production efficiently. It declined to comment on any plans to introduce dedicated production lines. Samsung, LG and SK declined to comment. The moves indicate the carmaker is moving aggressively to expand its electric capacity, days after Chung announced on July 14 that Hyundai Motor Group aimed to sell 1 million battery EVs a year and grab a global market share of over 10% by 2025. There's some way to go; Hyundai Motor Group sold 86,434 battery EVs last year, according to data from industry consultant LMC Automotive. That was above the 73,278 sold by Volkswagen Group but behind the 367,500 delivered by Tesla. Hyundai, the world's No.5 automaker together with Kia Motors, said its agility allowed it to lead the charge into EVs. "We are certain Hyundai is never going to fall behind," it added. No Kodak moment A senior Hyundai insider, who declined to be identified because of the sensitivity of the issue, said the company had not been concerned about Tesla when the Silicon Valley company was producing high-end cars. But it became more worried when Tesla brought out a cheaper Model 3 in 2017, according to the insider, who described it as a "strategic victory." No traditional automaker has been successful yet in catching up with Tesla, which retains an edge in battery and software technology.

2020 Kia Telluride Second Drive | Won over

When I first saw the 2020 Kia Telluride at the 2019 Detroit Auto Show press days, I was super impressed. It looked great on the show floor, the interior was roomy, materials were high-quality and details well attended to. I couldn't wait to show my wife, Cat, who has been looking to move from a Mercedes-Benz GLK into something a bit bigger. The Tellurides were less accessible when Cat and I took our son, Wollie, to the public show, so I couldn't fully show off this new ute I thought was so cool. "Eh, it's a Kia," Cat said, despite my many previous attempts to convince her that the notion of crummy, boring, cheap Kias is a thing of the past. Anyway, I'd have to wait to get a Telluride from the press fleet to convince her further and to see if I even liked it as much on the road as I did seeing it on the show floor. The day I brought it home, my 3-year-old son called — as he often does — around lunchtime to ask what car I'd be driving. When I said "Kia Telluride," he got excited. He's been a huge fan of our long-term Stinger (as well as an Optima we once rented in Arizona), so the Kia brand name impressed him. My wife, who was also on the line, had no reaction. Driving it home, I fell in love with the Telluride, just as I expected I would. Our top-of-the-line SX-trim tester was nice, loaded with content, trimmed with what looked and felt to be high-quality materials. It took close inspection to see that the headliner isn't a soft microfiber, and that the wood trim is actually plastic. The Nappa leather upholstery is rich, and the seats supportive. The huge dual sunroof and gigantic windows give the cabin an open, airy feeling. I would be pushing for a Telluride as a future addition to Autoblog's long-term garage, as I could see myself enjoying this car for many a mile, with the space to serve many purposes. When I got home, Wollie was eager to check the Telluride out. He climbed all through it, and marveled at the sheer amount of space it affords. He had the room to navigate freely from seat to seat and row to row. As a full-grown adult, I also found it fairly easy to navigate between the captains' chairs and get comfortable in the third row. I wouldn't recommend putting three adults in the back, but I'd be happy back there for shorter rides, or perfectly relaxed in the second row on long hauls. The Snyder boys were sold. Cat came out to see it, and still wasn't impressed.