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Hyundai reveals CEO's pay for first time ever

Thanks to some government pressure, Hyundai's billionaire chairman, Chung Mong Koo, has revealed just how much he gets paid each year. Honestly, the amount is a bit lower than we'd expect considering he helms such a huge industrial empire. The 76-year-old chairman brought home $13 million in 2013, $5.2 million of which came from Hyundai's automotive business while both Mobis and Hyundai Steel chipped in $3.94 million, each. For reference, Ford CEO Alan Mulally netted $23.2 million in 2013, although the vast majority of that money came from stock options.
The push for Chung to reveal his pay was part of a larger effort by the South Korean government called the Financial Investment Services and Capital Markets Act. The act forces several thousand companies to release info on annual pay, bonuses and severance for employees earning over $5 million won ($469,000), according to Bloomberg.
"With the disclosure of the executives' compensation, the pressure to deliver better profits will increase," said Heo Pil Seok, the CEO of Midas International Asset Management. It seems to be working, as Hyundai shareholders, of which Midas is one, have seen their shares increase by 6.1 percent in 2014, which includes a 1.2-percent jump as of yesterday, according to Bloomberg.

Auto execs surveyed say VW, BMW most likely to grow

A new survey of top global automotive executives indicates both Volkswagen and BMW are the most likely to grow their market share over the next five years.
Tax advisory firm KPMG LLP has released its 14th annual Global Automotive Executive Survey, which includes responses from over 200 executives. A total of 81 percent of respondents said they expect to see Volkswagen make gains, compared to 70 percent last year. BMW, meanwhile, saw 70 percent of those surveyed say they believe the company will increase its market share. That's a jump of 7 percentage points over last year. This is the first time in the history of the survey that BMW has claimed the second-place spot.
Meanwhile, Hyundai has seen its perceived market share potential slacken for the third year in a row. Around 61 percent of those surveyed predicted gains for Hyundai, down from 63 in 2012. Toyota also has a surprising year, but for just the opposite reason. While the manufacturer had slipped in ranking since 2011, it enjoyed the largest increase of any company in the 2013 survey, jumping to 68 percent from 44 percent last year.

WRC driver fills radiator with beer from sponsor Corona

Rallying requires lightning quick reflexes and the ability to turn off one's sense of self-preservation. This much is not in doubt. Anyone that's ever seen a rally car hurtle along a tree-lined spit of dirt road at high speeds could tell you that. What many people don't know is that it also requires a strong mechanical sense. Knowing how to repair one's car when far from the service garages is a must. A strong sense of ingenuity is pretty handy, as well.
It was that sense of ingenuity that came to the aid of Thierry Neuville (shown above during last weekend's Rally Mexico), a WRC driver for the Hyundai Motorsport team, after his i20 suffered a radiator leak during the drive back to service. Neuville and his co-driver, Nicolas Gilsoul, hopped out of the car, assessed the issue and realized they needed to patch the radiator leak and refill the coolant, which they were fresh out of. So, instead, they used beer.
The pair had been awarded a magnum-sized bottle of Corona from the Rally Mexico's corporate sponsor after the final power stage. As Neuville doesn't drink, they tossed the beer in the back of the i20 and set off for the garages. It was a good thing they did, as adding the Mexican lager to the car's system allowed them to limp back to service.