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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.

Hyundai shutters engine development in shift to electric and hydrogen vehicles

Hyundai is quickly pivoting into an era of electric vehicles. Shortly after announcing it would halve the number of internal combustion models, it launched its first EV on its dedicated Electric Global Modular Platform (E-GMP), the supremely enjoyable Ioniq 5. Now, as The Korea Economic Daily reports, Hyundai Motor Group, which includes sister brand Kia and luxury brand Genesis, has closed its engine development division at its research and development center in South Korea to put those resources into electric powertrain development. According to the report, researchers from engine design are moving to its electrification design center, but a few remain behind to continue to refine existing internal combustion engines. The powertrain system development center will become an electrification test center, and the performance division will focus on electric performance. The group has also established a battery development center, and the R&D Center will also focus on raw materials for batteries and semiconductors. In an email, R&D boss Park Chung-Kook told employees, “Now, it is inevitable to convert into electrification. Our own engine development is a great achievement, but we must change the system to create future innovation based on the great asset from the past.” Hyundai Motor Group is targeting one million EVs a year by 2025, and full electrification by the year 2040. In addition to the newly launched Ioniq 5, Hyundai is planning to launch the Ioniq 6 EV, based on the stunning Prophecy concept, in 2022, and weÂ’ve already seen spy shots of that prototype in testing. That will be followed by the full-size Ioniq 7 SUV in 2024, which was recently previewed by the Seven Concept at the 2021 L.A. Auto Show. Kia is set to launch the EV6 in 2022, and Genesis recently revealed the GV60 electric crossover, both of which will use HyundaiÂ’s E-GMP architecture. Genesis also recently revealed an electric version of the GV70 crossover in China. Of course, Hyundai is also invested in hydrogen fuel cell vehicles, both commercial vehicles like its Xcient trucks, and passenger cars like the Nexo and the recently revealed Vision FK concept. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

The Ceiling Is the Roof: Hyundai Santa Fe Cabriolet opens a sky of possibilities

The Nissan CrossCabriolet might be a relic of the past, but its spirit continues to live on each and every time another manufacture builds a convertible SUV. It's a memory that just won't go away, no matter how much everybody tries. This time, it's Hyundai Australia that sent an out-of-the-blue reminder, showing off a chopped version of its new Santa Fe three-row utility vehicle. The totally revamped Santa Fe debuted earlier this year and is starting to hit public roads with a much more aggressive and stylized exterior. One feature not on the order sheets, however, is a convertible top. That's because this is a one-off project car that is not legal to drive on normal streets. This specific Santa Fe started its life as a pre-production ride used only for promotional purposes. The roof was removed for better access to take top-down photos of the interior, and this particular Santa Fe was set to be crushed at a later time. However, auto publication CarAdvice found out about the peculiarity and finessed Hyundai into offering a test drive on a private closed circuit. Any impressions are for naught, however, considering the vehicle is not headed for production, and this Santa Fe was not set up to be driven. That means the Land Rover Evoque remains the only drop-top high-top vehicle that is currently available for purchase. As a manufacturer that strictly makes utility vehicles, Land Rover is okay with creating SUVs with less practicality, like the convertible Evoque and the coupe-like Velar, to offer some variety. Or, for those feeling frisky, CrossCabriolets can easily be found for less than $20,000. The choice is yours. Related Video: