2014 Kia Cadenza Sx Limited on 2040-cars

Auto blog

Hyundai spooks investors by paying $10B for new Gangnam HQ location

Doing things Gangnam style apparently costs a serious chunk of change, because Hyundai is reportedly paying roughly $10 billion for 19.6 acres (79,342 square meters) of land in the trendy district of Seoul, South Korea, to serve as the location for its new headquarters. That eye-popping number represents the highest amount ever paid for a plot of land in South Korea, according to Reuters. The hefty price tag reportedly scared investors enough for stock prices to sink dramatically.
Shareholders were apparently upset because the massive outlay could instead have been put back into the company for research and development or other improvements. Instead, the company reportedly bid triple the land's appraised value, says Reuters. The announcement caused Hyundai's stock price to plummet a massive 9 percent, and there were losses from Kia and the company's parts arm, as well. All told, the three of them lost nearly $8 billion in value from the falling share prices - almost enough to pay for the controversial land.
Hyundai currently has its headquarters on the outskirts of Seoul, but seems keen to move to the high-end Gangnam district to show off its rising status. It plans to build a new office complex, hotel, convention center and theme park on the site. According to an analyst speaking to Reuters, that could all cost an additional $6 billion to complete.

Kia reveals images of updated ’Mohave the Master’ SUV

Kia on Wednesday released the first images of a heavily refreshed full-size SUV, calling it the “Mohave the Master.” ItÂ’s heavily based on the Mohave Masterpiece Concept that Kia rolled out at the Seoul Motor Show in March, and reports suggest the company plans to launch the SUV in Korea in September. The Mohave is the overseas brethren of the short-lived Borrego, a body-on-frame, offroad-capable SUV that was sold in the U.S. and pulled after two model years and negligible sales. As was the case in March, thereÂ’s no information about the new vehicle beyond photos, leaving us to speculate. But the Master carries on most of the Masterpiece ConceptÂ’s styling, if somewhat toned down, with its boxy design, raised profile and upright body. The Master features the same matching head- and taillight design as the concept, plus the illuminated Mohave nameplate on the tailgate. The stacked LED headlights and fog lamps also carry over from the concept, although much of the chrome trim appears to have been cut from production plans. Also similar: ThereÂ’s no Kia badge anywhere to be seen, which is interesting. Skid plates at front and rear, along with the 4WD logo on the tailgate, add to the suggestions that this SUV is capable of being taken offroad. Kia eventually replaced the Borrego in the U.S. with the Sorento family hauler, but it lived on in Korea and other markets. The Borrego had the misfortune of being released in 2008 as a gas-guzzling ‘ute with the Great Recession raging and gas prices hovering around $4 per gallon, pushing consumers toward smaller, more fuel-efficient options. It also won no plaudits for its looks. Our 2009 review noted, “The new Borrego breaks no new ground in terms of styling” and added that, given the unforeseen spike in gas prices at that time and its effect on SUV sales, “Kia will likely be happy if it can just eke out enough sales to break even on the project.” The new Mohave is undoubtedly more handsome and sculpted than the bland Borrego, looking like a beefier, more imposing version of the Telluride. Rumors have swirled that the Mohave will eventually return to the U.S. If that's true, weÂ’ll have to wait to see whether itÂ’s with this version or a future update.

Driving a 1964 Volkswagen Beetle, and the 2021 Kia K5 arrives | Autoblog Podcast #634

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer and News Editor Joel Stocksdale. They start with what they've been driving this week, including the 2020 GMC Sierra 1500 diesel, 2020 Volkswagen Atlas Cross Sport and a 1964 Volkswagen Beetle. They move on to the news, covering the 2021 Kia K5, Geneva Motor Show (canceled again), Maserati's new engine and a new extended reality experience here at Autoblog. Finally, the guys spend some money for a listener who just had twins. Autoblog Podcast #634 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2020 GMC Sierra 1500 AT4 diesel 2020 Volkswagen Atlas Cross Sport 1964 Volkswagen Beetle 2021 Kia K5 Geneva Motor Show cancelled Maserati engine Extended Reality with the Mustang Mach-E Spend your money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: