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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.

2018 Kia Stinger GT Long-Term Review Update | Do we like the seats?

We've had our long-term 2018 Kia Stinger GT for over six months, which means we've all had a lot of seat time in the sports sedan. And those seats we've become so familiar with have stirred up some mixed opinions among the staff, which I discovered after voicing my personal dissatisfaction with the shape of the seats. In my experience, I've found the seats to offer too little lumbar support, and with short, flat bottom cushions that aren't angled to support my thighs. Managing Editor Greg Rasa and Consumer Editor Jeremy Korzeniewski agreed the seat bottom would be better if it was angled up more, but otherwise didn't have complaints about the shape. Korzeniewski also mentioned he doesn't care for aggressive lumbar support, so the Stinger seat felt fine in that regard. Editors both lighter and shorter than the aforementioned folks didn't have any complaints. Road Test Editor Reese Counts felt they were supportive enough with good adjustability. "I've got a bad back, but I was feeling fine when I got home," Counts said, referring to a road trip to St. Louis in the car. "They're not the best seats I've ever tested, but the fact that I don't think about them very much speaks for itself." Senior Producer Chris McGraw said: "I'm 5'7" and weigh 150 pounds on a good day, so I wasn't really pushing these seats to their limits. They were comfortable for long highway stretches and offered enough support when I decided to push the twin-turbo V6 while driving around some of West Michigan's curvy roads." There is something about the seats that drew near universal derision, though: the combination of interior and exterior colors. Our Stinger GT is red with a red interior, and Counts, Korzeniewski and Rasa were annoyed that the reds don't quite match. McGraw felt it was "a bit too much The Shining to me," a reference to the vivid red bathroom in the movie. I like lots of color, and wasn't put off by the mismatch, so was perfectly fine with the color scheme. No one actually disliked the red leather itself, though, and Rasa offered a solution we all could agree on, "Just don't get that combo." We all agreed the red interior would look excellent with contrasting exterior colors such as white, black and blue. And it seems that even Kia agrees, since it appears that the red-on-red combo is no longer offered on the Stinger. Related Video:

Hyundai-Kia forecasts slowest sales growth in 8 years

Even with the arrival of the new Hyundai Genesis Sedan (above) and the expected introduction of at least two other new vehicles in 2014, Hyundai-Kia is estimating its sales will only increase by about 4.1 percent this year. Bloomberg has found that figure, which works out to a total of 7.86 million vehicles worldwide, to be lower than average analyst estimates of eight million vehicles. If the automaker is correct, that figure will represent the most sluggish growth for the Korean brands since 2006.
Based on an exchange rate of 1,050 won to the dollar - right now it's trading at anywhere from 1,050 to 1,052 depending on where you look - Hyundai is predicting a 3.8-percent uptick for sales of 4.9 million units, while Kia is expecting a 4.7-percent uptick for sales of 2.96 million units. That exchange rate is predicted to be part of what will hamper sales this year, with a stronger South Korean won making Japanese cars more price-competitive when cross-shopped. It's unclear how Hyundai derived its exchange rate, but 1,050 won to the dollar almost matches the 52-week high for all of 2013.
The company chairman mentioned a "low growth era" in the world economy, and weaker US sales are rumored to at least part of the reason John Krafcik recently vacated the post of Hyundai Motor America CEO, a post that has been filled by executive vice president of sales, David Zuchowski. That unexpected news capped a year in which two top execs resigned over quality issues and recalls and Hyundai agreed to settle a consolidated lawsuit over inflated fuel economy ratings for $395 million.