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South Korea assists auto industry struggling with coronavirus fallout

SEOUL —  South Korea said on Monday it would provide logistical and financial support to help its auto industry through the coronavirus crisis, warning of disruptions to supply chains from Europe and the United States. The government said it would speed up customs clearance, arrange freight transportation and provide liquidity support for the industry, which employs about 12% of South KoreaÂ’s workforce, according to official figures. The coronavirus pandemic has led to shutdowns at auto factories and dealerships in the United States and Europe, which are expected to affect South Korean automakers such as Hyundai and Kia. “ItÂ’s time to prepare for the shock of a global demand contraction and European supply issues,” Industry Minister Sung Yoon-mo said in a meeting with parts supplier executives and industry associations, according to a readout from the ministry. “Survival is the most crucial thing in this unprecedented crisis when both demand and supply contract at the same time.” The ministry gave no details on how much liquidity support the government would provide or what form it might take. The assistance is part of 50 trillion won ($39 billion) in emergency financing announced last week to boost the economy. South Korea has reported 8,961 coronavirus cases and 110 deaths from the disease. Hyundai Motor closed its Montgomery, Alabama, assembly plant on Wednesday after an employee there tested positive for COVID-19. It also suspended production at its plants in the Czech Republic and India due to the coronavirus outbreak. Europe and the United States account for about 70% of Korean automakersÂ’ exports, and 54% of Korean parts exports, government data showed. A trade ministry official said South Korean exports would deteriorate in April and May, after rising 10% year-on-year in the first 20 days of March. Car exports rose 13.7% in the period, customs agency data showed on Monday. “For the time being, a drop in exports of cars and auto-parts are inevitable as car factories and dealerships are closing,” Sung said. South Korean automakers had stocked up on inventories which could last up to two months, Sung said. Related Video: Earnings/Financials Government/Legal Plants/Manufacturing Hyundai Kia coronavirus

Kia's Detroit concept is called Telluride

Remember that Kia concept we told you about earlier this week? It's called Telluride – you know, like the ski resort town in Colorado. Kia just released this second teaser image of its big SUV concept, giving us a sneak peek of the interior. Design-wise, it looks cool, but there's more here than meets the eye. Kia is, as expected, short on details. But the automaker confirms many of the interior bits – including elements of the dashboard, door panels, and steering wheel – use 3D-printed components. We'll have to wait until next week's Detroit Auto Show to see exactly what Kia's talking about, though. In its short press release, Kia once again mentions its concept's "unique in-cabin health-and-wellness technology," but doesn't offer any more details. Maybe it's something similar to the Fit Driver stuff that Audi unveiled at CES this week. Look for the Telluride to debut during Kia's press conference at 2:15 PM Eastern on Monday, January 11, and click here to see the original teaser showing the SUV's shape. DETROIT CONCEPT TEASER #2 The boldly designed Telluride, set to unveil at the 2016 North American International Auto Show next week, pushes the boundaries of technology and luxury with unique in-cabin health-and-wellness technology. The concept highlights Kia's first use of 3D-printed components, which add a distinct, modern design element to the dashboard, door panels, and steering wheel.

2019 Kia Niro EV starts at $1,500 more than Hyundai Kona Electric

Pricing for the 2019 Kia Niro EV has been revealed, and it has the highest starting price of any Hyundai or Kia electric car that we know the price of right now – assuming the Soul EV won't be pricier. The base price for the Niro EV EX is $39,495 before the federal tax credit. With the credit, the price falls to $31,995. The top trim Niro EV EX Premium jumps up to $44,995 before the credit, and $37,495 after it. For the extra $5,500, the Niro EV EX Premium adds a sunroof, real leather trim, heated and ventilated front seats, eight-inch touchscreen, navigation and wireless phone charging. The standard Niro EV is still well-equipped with standard adaptive cruise control, seven-inch touchscreen, lane centering, automatic emergency braking and blind-spot warning. Each also comes with standard DC fast charging capability. In comparison, the 2019 Hyundai Kona Electric starts at $37,995 ($30,495 with tax credit), which is $1,500 less than the Niro. The Kona is a bit smaller than the Niro, though it also offers more range than the Niro with 258 miles versus 239. The Chevy Bolt EV's base price is the cheapest at $37,495, but the tax credit has been reduced for the Chevy to $3,750 – and Chevy isn't dropping the price any to compensate. That means with the credit, the Bolt EV ends up the most expensive of these three at $33,745. The Bolt EV doesn't include DC fast charging as standard, either, and its EPA-rated range is a mile shy of the Niro's.