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Hyundai, Kia announce buyback plan for angry Korean investors

Hyundai's controversial decision last September to move its Korean headquarters to an expansive (and expensive) new facility was met with a swift backlash by shareholders. After making the biggest land purchase in South Korean history, the company's share price took a nine-point nose dive.
Now, in a bid to get back in the good graces of its stockholders, Hyundai and its subsidiary, Kia, will make a $615-million stock buyback plan. Reuters claims this is the first time in ten years that Hyundai has made a buyback offer with the explicit purpose of pumping up share prices.
The total deal bumped up Hyundai's share prices 5.7 percent while Kia is up two percent, although neither company has fully recovered from the battering that followed the headquarters announcement. It's unclear what else it will take for Hyundai to recover the ground it lost during the land deal.

Production version of Kia Imagine concept due in 2021

In an interview with Automotive News Europe, Kia Europe COO Emilio Herrera said the Imagine concept that debuted at this year's Geneva Motor Show should turn into a production model "in one or two years." Gregory Guillaime, Kia's European VP of design, said the Imagine is a "large C-segment car" intentionally blurring the distinctions between body types, a press release describing the concept as "drawing together elements of a muscular sports utility vehicle, a sleek and athletic family saloon, and a versatile and spacious crossover." Herrera didn't give any details on how the production version will differ from the concept. Flourishes like the windshield glass flowing uninterrupted into the roof and the 21 interior screens aren't likely to make it out of the studio. We do know that Kia plans a new, pure EV architecture shared with Hyundai. This will support larger, more powerful electric offerings that boast more range than products like the Kia e-Niro and Soul EV. The e-Niro is rated at 282 miles on Europe's WLTP cycle, it's said Kia wants to hit 500 miles of range. The automaker would only say of the Imagine's powertrain that it is "a low-mounted, induction-charged battery pack that powers a compact drivetrain." More importantly, the powertrain will focus on performance, "approaching electrification purely from an emotional point of view,” and pitched by Autocar as competing against EVs like the Polestar 2. As a C-segment competitor like the Ford Focus or Volkswagen Golf, the chances of the Imagine making it to the U.S. are unknown. Herrera made his comments in a conversation about Europe's impending CO2 emissions regulations. At one point, Herrera explained the five methods he sees for dealing with the emissions caps, and we can already divide automakers among those five tactics. The Imagine, and other Kia vehicles with alternative powertrains on the way, are how the Korean automaker will avoid fines. The full interview is worth a read. Herrera lays out some of the difficulties in the EV landscape, such as achieving the necessary volumes, pricing, and battery supply, and explains why he doubts some competitor's claims about launching inexpensive subcompact EVs. Related Video:    

2017 Kia Sportage hits LA in US spec

Kia gave us our first look at the all-new Sportage back in August ahead of its global debut at the Frankfurt Motor Show. But with the LA Auto Show opening this week, the Korean automaker has now released the full details on its new compact crossover. The 2017 Kia Sportage represents a ground-up redesign of the model, adopting a more rounded look compared to the crossover it replaces. The tiger-nose grille makes it instantly recognizable as a Kia. And though it clearly takes a different design approach, its upright quirkiness (to our eyes) makes it a more suitable bridge between (and distinct stablemate to) the unconventional Soul and the larger Sorento. Now entering its fourth iteration, the new Sportage stretches 1.6 inches longer than its predecessor and rides on a 1.2-inch longer wheelbase, but maintains the same width. That means a more spacious cabin for both occupants and cargo, done up with more upscale materials and with the latest technologies buyers have come to expect. The increased use of high-strength steel helps optimize rigidity and weight in the latest iteration of Kia's longest-running nameplate, helping it launch a more concerted assault on the increasingly competitive compact crossover market. Buyers will be able to choose between three trim levels, labeled LX, EX, and SX Turbo. The first two derive their power from a 2.4-liter four good for 181 horsepower and 175 pound-feet of torque, while the latter steps up to a 2.0-liter turbo kicking out a more prodigious 241 hp and 260 lb-ft. Both promise improved efficiency, and can be had in front- or all-wheel drive, but either way they transmit their power to the road through a six-speed automatic transmission. Pricing for each model is set to be announced closer to their arrival in showrooms sometime in the new year.