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Why BMWs are cheaper than Hyundais in Korea

Bloomberg reports shifting tariff regulations have upended the traditional automotive pecking order in Korea. Thanks to cheaper import taxes, foreign brands have seen market share jump from 28 percent to 41 percent over the last two years. BMW, Mercedes-Benz and Audi have all capitalized on the shift, with domestics like Hyundai and Kia suffering at the hands of their German rivals.
Taxes on European imports have fallen from 8 percent in 2011 to just 3.2 percent today. Over the next few years, tariffs will all but be eliminated for most imports, and taxes on US-made vehicles are expected to fall to just 4 percent in 2014. By 2016, that number will be zero. Needless to say, Hyundai and Kia are concerned about the shift.
Hyundai has seen profit fall by 15 percent last quarter, and the company says it is on pace to see the slowest sales growth since 2007. The company's shares have fallen by 12 percent. In order to stem the losses, Hyundai has discounted its midsize sedans and started working on diesel engine options.

Drive like a prince: Join us for a walk through Monaco's car collection

Small, crowded, and a royal pain in the trunk lid to drive into during rush hour, Monaco sounds like an improbable location for a huge car museum. And yet, this tiny city-state has been closely linked to car culture for over a century. It hosts two major racing events every year, many of its residents would qualify for a frequent shopper card if Rolls-Royce issued one, and Prince Rainier III began assembling a collection of cars in the late 1950s. He opened his collection to the public in 1993 and the museum quickly turned into a popular tourist attraction. The collection continued to grow after his death in April 2005; it moved to a new facility located right on Hercules Port in July 2022. Monaco being Monaco, you'd expect to walk into a room full of the latest, shiniest, and most powerful supercars ever to shred a tire. That's not the case: while there is no shortage of high-horsepower machines, the first cars you see after paying ˆ10 (approximately $11) to get in are pre-war models. In that era, the template for the car as we know it in 2023 hadn't been created, so an eclectic assortment of expensive and dauntingly experimental machines roamed whatever roads were available to them. One is the Leyat Helica, which was built in France in 1921 with a 1.2-liter air-cooled flat-twin sourced from the world of aviation. Fittingly, the two-cylinder spun a massive, plane-like propeller. Government vehicles get a special spot in the museum. They range from a Cadillac Series 6700 with an amusing blend of period-correct French-market yellow headlights and massive fins to a 2011 Lexus LS 600h with a custom-made transparent roof panel that was built by Belgian coachbuilder Carat Duchatelet for Prince Albert II's wedding. Here's where it all gets a little weird: you've got a 1952 Austin FX3, a Ghia-bodied 1959 Fiat 500 Jolly, a 1960 BMW Isetta, and a 1971 Lotus Seven. That has to be someone's idea of a perfect four-car garage.  One of the most significant cars in the collection lurks in the far corner of the main hall, which is located a level below the entrance. At first glance, it's a kitted-out Renault 4CV with auxiliary lights, a racing number on the front end, and a period-correct registration number issued in the Bouches-du-Rhone department of France. It doesn't look all that different than the later, unmodified 4CV parked right next to it. Here's what's special about it: this is one of the small handful of Type 1063 models built by Renault for competition.

Recharge Wrap-up: Hyundai/Kia fined $755M for exaggerated MPG ratings; BMW dealers want more i8s

The fine against Hyundai and Kia has grown to $755 million for overstating fuel economy ratings. $360 million of that fine comes from the EPA for violation of the Clean Air Act: $100 million is a civil penalty, $210 million is a forfeiture of greenhouse gas credits and another $50 million will pay for independent fuel economy audits on future models. The remaining $395 million is a settlement for customers who purchased the affected vehicles. A slew of 2011 to 2013 models were found to have fuel economy ratings overstated by one to six miles per gallon. Customers will be awarded funds to offset the unexpected fuel costs or to put toward a new Hyundai or Kia vehicle. Read more at Hybrid Cars. BMW dealers are awaiting details on new dealership standards - and BMW i8 models for their showroom floors. According to BMW National Dealer Forum Chairman Steve Late, BMW dealers are anxiously waiting to see what sort of updates they'll need to do to get in line with BMW's Future Retail 2016 program. As for the new EVs, Late says that the BMW i3 sales were slow to start, but that once people learned more about it, "wham, bam, it is taking off." The i8 shortage is a bigger problem: "I was allocated three for 2014, and I have a waiting list of 47 people. This year, maybe I will get eight or 10, and I still won't be able to fulfill them." Still, Late says he won't sell the cars at an upcharge. Read more at Automotive News. Opel is reportedly planning an electric version of its Karl hatchback. According to German automotive magazine Autobild, Opel will begin selling the diminutive Karl EV by the end of 2018. The electric car will offer a driving range of about 93 miles. The gasoline-powered version is expected to begin deliveries this June. Read more at Automotive News Europe. PSA Peugeot Citroen says it will keep its Hybrid Air program alive as it looks for a cost-sharing partner. Hybrid Air technology uses a compressed air hybrid system to improve fuel economy as we saw in the Peugeot 208 Hybrid Air concept. A French newspaper reported that Hybrid Air won't make it to commercialization, and that the program's team of engineers has been reduced. A PSA spokesperson confirms the change to the program, saying, "We are now waiting for another partner to help us begin the production stage." Read more at Automotive News Europe. Related Video: