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Hyundai Motor Group promotes heir apparent

SEOUL — Hyundai Motor Group promoted heir apparent Euisun Chung on Friday to a role of overseeing the conglomerate, moving him a step closer to succeeding his octogenarian father as head of South Korea's second largest group. Chung, 47, who will assist his father and group chairman Mong-Koo Chung, was appointed as executive vice chairman to respond to "deteriorating global trade issues and changes in competitive dynamics in major markets," Hyundai Motor Group said in a statement. Chaebols like Hyundai and Samsung Group, which have grown into global firms from the rubble of the 1950-1953 Korean War, are undergoing a transfer of power to third- or fourth-generation leaders. "In his new capacity, Executive Vice Chairman Euisun Chung will oversee the entire Group's operations, aiding and reporting to Chairman Mong-Koo Chung," the statement said. The appointment also comes as Hyundai battles tumbling profits, mounting pressure from activist shareholders to improve its governance, and amid South Korea's trade tensions with the United States that threaten to disrupt its production plans. "This is a good sign," Park Yoo-kyung, a director at Dutch pension fund APG Asset Management, said of the appointment. "This will enhance transparency about who is controlling the group and who is making key strategic decisions," she said. Generational shift The junior Chung, currently vice chairman of the group's crown jewel, Hyundai Motor Co, has stepped up in recent years, attending motor shows and government meetings with business leaders on behalf of his 80-year-old father who has made few public appearances. Shares in Hyundai Motor ended up 0.8 percent on Friday, and affiliate Kia Motors fell 0.3 percent in a wider market that rose 1.4 percent. Chairman Chung, the all-powerful boss, has presided over Hyundai for about two decades, transforming the company into the world's fifth-biggest car maker along with Kia Motors. Hyundai is now struggling to reverse slowing sales in China and the United States, where the company has suffered due to its delayed response to booming demand for SUVs. The appointment is part of an effort to "improve future competitiveness and secure future growth engines" at a time when the auto industry is undergoing major changes, the group said. The junior Chung has led the group's efforts to develop future vehicles such as autonomous and connected cars, as well as Hyundai's fledging premium brand Genesis.

2020 Kia ProCeed is a gorgeous wagon with a spunky turbo engine option

The 2020 Kia ProCeed wagon has finally been unveiled, and it looks pretty much like the concept from the last Frankfurt Motor Show. It has the almost-fastback roofline of the swoopy concept, the wide taillights, and the signature chrome window trim with a dorsal fin highlight at the back. According to Kia, it's also the longest and lowest member of the Ceed compact car family. It's an all-around striking wagon that should stand out in the parking lots of Europe. Still, while it is attractive and distinctive, the ProCeed's design has been a bit compromised in the shift to a production car. The taller body and less dramatic curves detract a bit from the radical roof. The concept also had distinctly rear-drive proportions with the front wheels pushed far forward and plenty of space between them and the base of the windshield. Since the production ProCeed is based on the front-drive Ceed, the long, lean nose is truncated and less elegant. These are nitpicks, though, as the car is far sleeker than the regular Ceed Sportswagon, and we applaud an automaker anytime they come close to delivering on a beautiful concept. The ProCeed is more than just a pretty body, though. Despite being lower and sleeker than the regular Ceed Sportswagon, it only loses about one cubic foot of cargo space. Under the hood, a couple of small-displacement turbo gas engines and a turbo diesel are available, but the really interesting engine is the 1.6-liter turbocharged four-cylinder that's shared with the Veloster Turbo. Just like in the force-fed Veloster, it makes 201 horsepower and 195 pound-feet of torque, and it can be coupled to a 6-speed manual or 7-speed dual-clutch automatic. The engine is only available in the ProCeed GT trim, which Kia notes had its ride and handling tuning overseen by former chief engineer at BMW's M division, Albert Biermann. While the ProCeed GT has unique suspension tuning, all models benefit from fully-independent suspension and sticky Michelin Pilot Sport 4 tires. Pricing hasn't been announced yet for the ProCeed, but it will go on sale early in 2019. Of course, it won't be coming to the U.S., since we don't even have the regular Ceed. Interestingly, it appears it will only be available in Europe, since the press release says it will go "on sale exclusively to European drivers." So even Kia's home market of South Korea may not get the wicked wagon.

Hyundai and Kia set aside $412 million for false mileage claims

We still don't know how the whole fuel economy ratings debacle is going to play out for Hyundai and Kia, but both automakers are preparing to make good on their promises to reimburse vehicle owners for lower-than-promised mileage figures. According to Automotive News, Hyundai and Kia have set aside a combined total of $412 million ($225 million for Hyundai and $187 million for Kia) as compensation, which will be sent out on a case-by-case basis via debit cards depending on the vehicle and the mileage driven.
Announced back in November, the exaggerated miles per gallon claims affect around 900,000 Kia and Hyundai products produced for the 2011 through 2013 model years sold in the US and Canada. This whole deal has had plenty of action ranging from suspected whistleblowing from a rival US automaker and even insider trading, but it has probably been most frustrating for vehicle owners who, in most cases, saw their vehicles' city and highway ratings drop between one and three digits.