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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.

How the Koreans are cracking the luxury market

South Korea's two largest automotive brands are no longer the same companies they were when they first entered the world stage.
Anyone who visits Seoul after a few years absence is likely going to be in for a shock. What was, not that long ago, a decidedly third-world city is today a thriving, sprawling metropolis increasingly on a par with the world's most modern cities.

2020 Kia Forte GT priced under $24,000

The 2020 Kia Forte GT sporty compact sedan was revealed way back at last year's SEMA show along with its turbocharged 1.6-liter engine making 201 horsepower and 195 pound-feet of torque. Kia has been pretty quiet about the car until now, having finally revealed its price tag. The cheapest model starts at $23,215 with the seven-speed dual-clutch automatic transmission. Switching to six-speed manual transmission bumps the price up to $23,815. Regardless of transmission, the Kia Forte GT is cheaper than its Hyundai cousins with the same engine. The Veloster Turbo R-Spec is next in line with a price of $24,070, then the Elantra GT N-Line at $24,230, and the Elantra Sport at $24,730. Besides the turbocharged engine, the Forte GT boasts an independent multi-link rear suspension rather than the standard model's rear torsion beam. It also has unique exterior accents such as a red-accented grille, rear spoiler, side skirts and special wheels. 2020 Kia Forte GT-Line View 14 Photos If you don't care about power, but still like the look of the GT, there's also the newly added Forte GT-Line. It has the same body upgrades, but with the regular Forte's 147-horsepower naturally aspirated engine and CVT. And to help make up for the lack of power, it adds blind-spot warning and rear cross traffic alert. It's also cheaper with a price of $21,315. As for the rest of the Forte lineup, prices and equipment lists are unchanged from 2019. The 2020 Forte models should show up on dealer lots by the end of the year.