2014 Kia Forte Ex 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.

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.

Hyundai pickup truck coming ASAP, says design chief

Hyundai first showed its HCD-15 Santa Cruz pickup truck concept at the 2015 Detroit Auto Show. In the years following the concept's debut, reports have kept surfacing that yes, Hyundai wants to build it and yes, it's only a matter of time when the Santa Cruz will spawn a production version. In August 2017, Reuters reported that a pickup had been greenlit as Hyundai needed to correct a sales slide; a year later, we envisioned a 2020 unveiling date for the finalized truck. Now, Autocar says Hyundai is launching the truck "as soon as possible." Autocar cites a discussion with Hyundai's new Chief Design Officer Luc Donckerwolke, who formerly led Genesis design and has also worked as the head of design at Bentley, Lamborghini and Audi. Donckerwolke said the design process of the new truck has now been completed, and Hyundai is now in the midst of engineering the design into production. Donckerwolke told Autocar that the truck will arrive "as soon as possible. From my side it is finished, the process to put it into production is now underway." Leftlane News estimates the truck could be here by 2021 at the earliest. For Donckerwolke, the truck is very much a development of the 2015 concept; as Motor Trend earlier quoted Hyundai Motor America's Brian Smith, the original two-door concept has evolved into a five-seater four-door truck. The understanding is that the Santa Cruz's production version will be underpinned by the same platform and mechanicals as the expected and redesigned 2020 Tucson. The pickup is also to be followed by a corresponding Kia-badged version, Donckerwolke said. The Hyundai and Kia trucks are likely to battle for sales with the Ridgeline, Ranger, Tacoma and Gladiator — and the Tanoak, if Volkswagen comes out with a production version of its recent concept truck. Related Video: