2014 Kia Cadenza on 2040-cars

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Imported pickup tax in play in Trump trade talks with South Korea

WASHINGTON/SEOUL - Talks starting Friday to amend a U.S.-South Korean trade deal must balance President Donald Trump's domestic agenda against the need to contain a nuclear armed North Korea and will have to be completed swiftly, officials from both sides told Reuters. The U.S goods trade deficit with South Korea has doubled since the 2012 signing of the US-Korea Free Trade Agreement (KORUS). Almost 90 percent of the 2016 shortfall of $27.6 billion came from the auto sector, an issue the United States is expected to press hard in the Washington talks. A quick deal could give Trump his first trade victory at a time when NAFTA negotiations are dragging on without agreement and pressure on China to change trade practices has yielded little progress. The talks, led by Assistant U.S. Trade Representative Michael Beeman and Yoo Myung-hee, director general for FTA negotiations at South Korea's trade ministry, begin at a time of heightened tensions with Pyongyang. A trade ministry official in Seoul said South Korea was waiting for Washington's formal proposals and substantial negotiations would not take place on Friday over a deal Trump has repeatedly threatened to scrap. "The U.S. brought up lowering non-tariff barriers, especially for their auto industry. At the moment, we are not sure whether the U.S. will ask that but we will be prepared (for the U.S. demand)," said the official, who spoke on condition of anonymity as he was not authorized to talk to the press. A top priority for the Americans is maintaining a 25 percent tariff on Korean pickup truck imports, which was meant to have been phased out from 2019 under the current deal, according to a U.S. official and a South Korean car industry source. South Korea has two major automakers, Hyundai and Kia, both of which are heavily reliant on exports due to the small size of their domestic market. Critics charge that South Korea discriminates against imports with a range of non-tariff barriers. South Korean auto companies believe that Washington will also seek to increase the 25,000-vehicle per U.S. automaker threshold for U.S. car shipments to South Korea that can enter the country without meeting Seoul's domestic industry regulations. The official at a South Korea auto company, who was not authorized to speak to the media, also said the United States was interested in easing Seoul's vehicle emissions targets. These are viewed as discriminating against U.S. autos.

Hyundai spooks investors by paying $10B for new Gangnam HQ location

Doing things Gangnam style apparently costs a serious chunk of change, because Hyundai is reportedly paying roughly $10 billion for 19.6 acres (79,342 square meters) of land in the trendy district of Seoul, South Korea, to serve as the location for its new headquarters. That eye-popping number represents the highest amount ever paid for a plot of land in South Korea, according to Reuters. The hefty price tag reportedly scared investors enough for stock prices to sink dramatically.
Shareholders were apparently upset because the massive outlay could instead have been put back into the company for research and development or other improvements. Instead, the company reportedly bid triple the land's appraised value, says Reuters. The announcement caused Hyundai's stock price to plummet a massive 9 percent, and there were losses from Kia and the company's parts arm, as well. All told, the three of them lost nearly $8 billion in value from the falling share prices - almost enough to pay for the controversial land.
Hyundai currently has its headquarters on the outskirts of Seoul, but seems keen to move to the high-end Gangnam district to show off its rising status. It plans to build a new office complex, hotel, convention center and theme park on the site. According to an analyst speaking to Reuters, that could all cost an additional $6 billion to complete.

2018 Kia Stinger GT Long-Term Review Update | It's an ideal grand touring car

When you think GT car, you probably conjure up images of European sports coupes. Aston Martin DB11s, Ferrari Portofinos and the like. Surely you think of the Maserati Gran Turismo, its name literally being the long form of GT. They all share some key features. They're incredibly beautiful and stylish, they're very fast and they're actually reasonably comfortable and practical. You know what else fits that description? Our 2018 Kia Stinger GT. It nails all those criteria, and for a heck of a lot less money than those exotic coupes. First off, the Stinger GT is arguably the most distinct and exciting car in its small-to-midsize luxury sport sedan segment. It looks hunkered down over its massive 19-inch wheels. The proportions are proper with a long nose, short deck, and plenty of space between the front wheels and the base of the windshield. Its fastback shape both evokes classic coupes while also disguising its practical hatchback. It's a car with real presence wherever it goes, and the fact that it isn't selling in Camry numbers means that it's still rather cool to see one in the wild. In fact, when I came back from one of my press trips and was on the airport shuttle back to the parking lot, the driver became really excited when he saw I was driving our Stinger. He started asking me questions about it and how much he loved it when he saw it at the last Detroit Auto Show. So that's style nailed down. As for performance, the Stinger GT has plenty of that, too. Even though it's been in our fleet a few months, the twin-turbo V6 still impresses with its 365 horsepower and 376 pound-feet of torque. After just a minute delay when hitting the skinny pedal, boosted power hits with a rush, and of course that power is available throughout the rev band, meaning you never have to work the engine hard to go fast. It's coupled with an extremely composed chassis that doesn't lean too much, and is happy to leap into action at the behest of the very quick steering wheel. This all-wheel-drive model does feel a little less quick to turn in than the rear-drive model we had earlier this year, but it does also provide a certain feeling of security if the rear gets loose. Its big Brembo brakes bring the Stinger to a halt in a hurry, too, and with solid brake feel. It's all good enough that senior editor Alex Kierstein took one to a racetrack. The biggest issue I have with the car is the transmission.