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Hyundai promoting younger execs in bid to 'smoothen an eventual leadership succession'

Experience versus the next generation. It's the decision any organization has to make when it comes to its succession of leadership. But even companies that value wisdom over vitality will eventually have to hand the reins to a new generation of leaders. And that seems to be what the Hyundai Motor Group is preparing for. The Korean automaker has promoted three executives in their early 50s to the rank of Executive Vice President. Chief marketing officer Cho Won-hong (50), PR chief Kong Young-woon (50) and Kim Gyun (52), head of strategic planning at Kia, are all being promoted to the role, putting them in senior leadership positions at one of the world's largest automakers. Reuters frames the promotions as earmarked to "smoothen an eventual leadership succession" at Hyundai. The family-owned company is currently chaired by Chung Mong-koo (76), who has given little indication that he's preparing to step down in the near future. But when he does, he's widely expected to relinquish control to his only son, current vice-chairman and former Kia president Chung Eui-sun (44, pictured), who is said to have chosen the aforementioned US-educated Cho for the promotion. News Source: ReutersImage Credit: SAMUEL KUBANI/AFP/Getty Hirings/Firings/Layoffs Hyundai Kia

2019 Kia Sorento three-row crossover will start at $25,990

Kia's refreshed three-row 2019 Sorento will start at $25,990 and be offered in five trim levels, including all-wheel drive options, when it hits showrooms later this year. Kia first revealed the updated crossover at the L.A. Auto Show in November, showing off more refined exterior features including new front and rear fascias with updated grille, revised headlamps, new rear bumper, tail lamps and a revised lift gate. Seven-passenger seating and a 7-inch touchscreen interface with Android Auto and Apple CarPlay integration will both be standard in the 2019 model, while the optional 2.0-liter four-cylinder turbo engine is no more. In its place is the carry-over base 2.4-liter inline-four with a revised six-speed automatic, plus an optional 3.3-liter V6 with a new eight-speed automatic transmission. A diesel version is also forthcoming. Inside the Sorento there's a new steering wheel, shifter knob and revised air vents and gauges. Options include the Advanced Driver Assistance Systems package on the EX, SX and SX-L trims, which bring lane-keeping assistance and driver-attention warning technologies, and a premium Harman Kardon surround-sound system. The fully loaded SXL trim starts at $44,690 for front-wheel drive and $46,490 for all-wheel drive and includes LED headlights with high- and low-beam assist, LED fog lights, wireless phone charging and front parking sensors, among other perks. A Magna Dynamax intelligent all-wheel-drive system is available on all trim levels except the base front-wheel drive L and features a 50-50 locking center differential and torque vectoring. The new Sorento's starting price is right in line with its 2018 predecessor and keeps it priced competitively with three-row crossover competitors like the Subaru Ascent, which starts at $31,995, and the Volkswagen Tiguan, which starts at $24,595. Sales of the Sorento fell 13 percent in 2017 to 99,684, making it Kia's fourth top-selling vehicle behind the Optima, Soul and Forte. Related Video: Featured Gallery 2019 Kia Sorento: LA 2017 View 12 Photos Image Credit: Kia Kia Crossover kia sorento subaru ascent three-row

S. Korea to raise concerns about EV credits, battery sourcing in U.S. visit

SEOUL — South Korean officials will meet U.S. counterparts this week to express "concerns" about the Inflation Reduction Act, which restricts who can receive U.S. subsidies for the production of electric vehicles and where firms can source battery materials. President Joe Biden signed into law this month a $430 billion bill, seen as the biggest climate package in U.S. history. The law requires that EVs be assembled in North America to qualify for tax credits, ending subsidies for several EV models, and that a percentage of critical minerals used in batteries come from the United States or an American free-trade partner. Automakers like Hyundai Motor face short-term competitive disadvantage to manufacturers of EVs that receive tax credits in the United States, while industry sources said Korean battery makers must make changes to mineral sourcing routes, which could affect cost adversely. South Korean officials are expected to tell counterparts from the U.S. Trade Representative's office and the U.S. Treasury that the new law may violate trade norms such as the U.S.-South Korea free trade agreement and the WTO agreement, the industry ministry said. Korean automakers will consider adjusting production plans to prioritize the construction of U.S. plants for example, the ministry said, while battery makers will seek to diversify where they source minerals from. Under new rules to kick in next year, at least 40% of the monetary value of the critical minerals in batteries will need to come from the United States or an American free-trade partner, with that proportion rising to 80% by 2027. Globally, the treatment of some 58% of lithium, 64% of cobalt and 70% of graphite goes through China, according to ministry data. FALLOUT The new rules are a major complication for battery makers LG Energy Solution (LGES), SK On and Samsung SDI, battery industry sources said. South Korea's LGES supplies Tesla and General Motors, while SK On and Samsung SDI supply Ford Motor and Volkswagen among others. The three battery makers together command more than a quarter of the global EV battery market, according to SNE Research. "It's become a huge headache ... Automaker clients said they didn't expect this new law would take effect this soon," said a South Korean battery industry source.