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Don't call it a minivan: Kia previews new Sedona Grand Utility Vehicle

Kia sells more crossovers than ever, but it's not forgetting about its entry into the minivan segment. It released a design sketch to preview the next-generation Carnival, which is known as the Sedona in the United States. Stylists shun the increasingly unpopular minivan label; they claim they've created a Grand Utility Vehicle whose design is more stylish, more futuristic, and, somewhat inevitably, more SUV-like than the outgoing model's. The sketch released by the South Korean firm indicates the Sedona's front end receives a taller, flatter hood, a bigger grille with vertical slats and a chrome-look frame, plus thin horizontal lights accented by LED elements. Its overall proportions don't drastically change, no one's going to mistake it for a Stinger, but blacked-out door pillars create the illusion of a floating roof. We don't know what the rear end looks like yet, though the company noted the horizontal crease below the window line links the lights on both ends. The alloys are gigantic, but keep in mind we're looking at a design sketch. The production model will ride on smaller wheels with more sidewall. We'll need to muster a little bit of patience to find out what the Sedona looks like inside, or what its sheetmetal hides. Practicality is the name of the game in the minivan segment, so Kia will likely pack an array of clever features into the van to make commuting, kid-hauling, and road-tripping easier. Seeing a hybrid powertrain join the specifications sheet would make sense considering the market's on-going shift towards electrification, but nothing has been confirmed at this point. The current-generation Sedona receives a 3.3-liter, 276-horsepower V6 for the American market, and we wouldn't be surprised if it downsizes to a turbocharged four-cylinder. Kia will introduce the fourth-generation Carnival this summer, and the model will go on sale in its home country in the third quarter. It will begin arriving in other global markets shortly after. Although the company didn't specifically mention the United States, we'd bet on seeing it in showrooms as a 2021 model. Minivans are getting their lunch money taken by crossovers here, but the segment remains reasonably big. Kia is one of its underdogs: It sold 16,000 examples of the Sedona in 2019, while Honda and Chrysler each found nearly 100,000 buyers for the Odyssey and the Pacifica, respectively, and Toyota reported 73,585 Sienna sales.

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 Rio First Drive | Keep compact and carry on

When Kia announced that it would bring the fourth-generation Rio to the United States, we were rather surprised. The subcompact segment in which it competes isn't exactly hot here, and small cars have tight profit margins. It makes more sense to concentrate on tiny crossovers that are more popular and can sell for more cash. Ford seems to be taking this tack with the impending introduction of the EcoSport, and the delayed introduction of the new Fiesta in America. Even Kia itself has experienced success with sub-compact crossovers with the Soul. Kia seems determined to stick with the segment, though. A Kia representative told us that, even though the U.S. subcompact market may not be booming, it still accounts for about 500,000 cars a year. Plus, if any manufacturers leave the segment, that's an opportunity to pick up some conquest sales. He also said that regardless of the size of the market, Kia still sees a portion of the car-buying public that will always want a budget subcompact, and that it can be a good introduction to the brand. So with that in mind, is the Kia Rio a good introduction to the Korean car company? In general, yes, and we were introduced to it in and around Baltimore, Md., where we were able to try out a top-level Kia Rio EX on everything from cobblestone streets to winding country lanes. And at first glance, the Rio is a handsome little machine. While the previous generation was round and bubbly, the new model looks more aggressive, and has a shape more akin to larger vehicles. Thank the longer, more horizontal grille, slender, swept-back headlights, lower belt line, large lower grille and jutting lip. The hatchback is the more attractive version of the car, but the sedan is far from ugly, which is no small feat for a subcompact. Compared with the European version of the Rio, and even the previous-generation model, though, there are visual differences that reveal the fourth-generation U.S.-spec Rio has succumbed to cost-cutting measures. The first tipoff is the wheels. The alloys on the Rio EX, the only model with alloy wheels, are a minuscule 15 inches. Though admittedly adorable, and probably a boon to ride quality, they do look disappointing when compared to the available 17-inch units on the European model, or even those on the old Rio. The headlights and taillights are plain and simple, too. The headlights are reflector halogen lamps, and the taillights and turn signals use incandescent bulbs.