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Hyundai Motor reassigns 17 top execs to make way for fresh ideas

SEOUL — South Korean conglomerate Hyundai Motor Group shook up its executive ranks on Tuesday and appointed its first foreign head of research and development, raising expectations of a smooth transition of power at the family-run business empire. The reshuffle, first reported by Reuters on Tuesday and confirmed by Hyundai on Wednesday, is part of preparations for generational change in the executive ranks at South Korea's second-largest family-owned business empire. Group President Albert Biermann, a German former BMW executive, was named head of research and development, replacing longtime executives Yang Woong-chul and Kwon Moon-sik. The move was seen as a significant step to bring in fresh ideas at the Korean-dominated group. In all, 17 top executives were reassigned across the group including at Hyundai Motor Co and Kia Motors Corp — which together form the fifth-biggest automaker in the world. The move follows the promotion of Euisun Chung in September to Hyundai Motor's executive vice chairman, moving him closer to succeeding his 80-year-old father, Mong-Koo Chung, as group chairman. It comes as Hyundai Motor Co battles to reverse falling profits as a result of U.S. recall costs and weak sales in the U.S. and Chinese markets. Hyundai Motor Co shares jumped as much as 9 percent to their highest level since Oct. 10, while shares in affiliates like Hyundai Mobis, Hyundai Wia and Hyundai Glovis also rallied. While the announcement by Hyundai on Tuesday of a major investment in fuel cell production also lifted sentiment, analysts said most of the share price rise could be attributed to the leadership changes. In particular, it signaled that the junior Chung was making progress with his plans to restructure the sprawling group after a previous plan was scrapped due to opposition from U.S. hedge fund Elliott. "The reshuffle signals that the junior Chung is tightening his grip on the conglomerate, a move which raises investors' hopes for change," said Kim Joon-sung, an analyst at Meritz Securities. Ascendance of outsiders In a sign that Chairman Chung's grip may be weakening, one of his closest lieutenants, Hyundai Motor Co Vice Chairman Kim Yong-hwan, was reassigned away from the core automaker and named vice chairman of steelmaking affiliate Hyundai Steel.

2018 Kia Niro PHEV First Drive Review | Embracing the new normal

CULVER CITY, Calif. — A cloak of invisibility envelops the 2018 Kia Niro Plug-In Hybrid everywhere it roams in Los Angeles. In Southern California's major cities, plug-ins and electric vehicles line the driveways and clog the freeways like nowhere else in the United States. And every time a new EV/FCV/HEV/PEV/PHEV/ZEV hits the streets (eco-minded drivers loves acronyms), it's ostensibly competing for attention. But the Niro PHEV, which is set to launch imminently in major markets across the United States, isn't looking for attention. It's the most recent, under-the-radar jab at the Toyota Prius family from the South Korean manufacturer interested in stealing market share. If Kia aimed for the Toyota Prius with the traditional Niro hybrid, it shot dead-on at the EV attributes of the Prius Prime plug-in when developing the Niro PHEV. Like the Prius Prime, the Niro PHEV has an all-electric range of 26 miles. Its 3.3-KWh onboard charger is exactly the same strength as the Toyota's. And both plug-ins take about three hours to fully charge on a Level 2 (240V) charger. (Plug it into a grounded household outlet for an overnight recharge.) Those are hardly class-leading numbers, but theoretically enough to satisfy the demands of around-town driving. The similarly priced Chevrolet Volt offers twice the electric range, as does the larger Honda Clarity Plug-In Hybrid. What you get with the Niro PHEV, in essence, is a Niro that's ideal if you have overnight access to EV charging. We won't rehash the details of how the Niro looks inside and out — for that, check out our First Drive here — since it's nearly identical to the cordless model. Beyond "hybrid blue" accents on the exterior, it's tough to distinguish the newest Niro from a distance. The interior is nearly identical, as well, and no trunk space was sacrificed by the large, 8.9-kWh battery that sits underneath the cargo hold. And the total system power of 139 horsepower, no different than the Niro, means that this is more of a dragstrip challenger for a Prius than, say, the much quicker Chevrolet Bolt. An unexpectedly altruistic feature is the ability for the charge port to automatically unlock once the Niro PHEV reaches a full charge, allowing other EV drivers to safely unplug the Kia and sip electricity for themselves. Those thirsty drivers will need to be well-read about the Niro PHEV, however, to know this capability exists; the car offers no explicit indicators.

Hyundai sales slump in China over North Korea, standoff with Chinese partner

BEIJING/SEOUL — Hyundai is at loggerheads with its Chinese partner over efforts to cut supplier costs, as they grapple with cutthroat competition and the impact of a standoff between Beijing and Seoul. Hyundai, along with affiliate Kia, has been caught up in a political row over a missile defense system that is being deployed in South Korea, but opposed by China, as tensions grow over North Korean missile tests and last week's test of a nuclear bomb the North claims can be mounted on a missile. Sales of Hyundai cars in China have been falling, part of a backlash against South Korean brands over the missile system that China views as a threat to its own national security. On Tuesday, South Korea asked the United States to lift a limit on the explosive payloads it can use in the missile system. This as a North Korean missile, believed to be an intercontinental ballistic missile, was being tracked by intelligence services being moved on the ground toward North Korea's west coast and a possible launch site. That has come against the backdrop of ever tougher competition from local Chinese automakers. Until last year, Hyundai and Kia ranked third in China by sales. But Hyundai's sales alone have slumped 41 percent from January to July, fraying relations with local partner BAIC Motor Corp and making this the biggest crisis since Hyundai entered the Chinese market in 2002. Last month, Hyundai suspended production at its four China plants for a week after a French supplier refused to provide fuel tanks when its bills went unpaid. On Tuesday, Hyundai suspended production at one of its plants in China after a German firm went unpaid. Hyundai and BAIC — whose Beijing Hyundai joint venture is a 50:50 partnership — are divided over how to solve the issue of suppliers and tougher competition. Hyundai wants to protect its South Korean supply chain, while BAIC favors shifting to cheaper Chinese suppliers to cut costs, the people said. "BAIC wants to solve this aggressively and is ... asking Hyundai to change its sourcing strategy significantly and immediately," said the head of a Hyundai supplier based in Seoul, adding the idea was to source more locally from cheaper suppliers in China. Hyundai wants to solve this more gradually "over perhaps 5-10 years and do so in phases," the person said. BAIC declined to comment.