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South Korea island of Jeju becoming an EV-incentive heaven

When it comes to providing some island EV love, we can point to Hawaii, which has been pushing hard for greater electric-vehicle adoption through subsidies and a broader charging network. Now, South Korea has Jeju. We're not sure if the surf is as good. Like Hawaii, Jeju is focusing on a "carbon-free" existence and lowered fossil-fuel dependency as a way to help the environment while addressing the extra expenses involved in providing fuel locally, Wards Auto says. Jeju, which is about 720 square miles, provides about $7,000 worth of EV incentives on top of those provided by the South Korean government. As a result, the cost of buying an EV can be cut in half. In the case of a Chevrolet Spark EV, going electric actually has a lower out-of-pocket price tag than buying a gas-powered counterpart on the island. South Korea's Ministry of Environment has earmarked about $14,000 in subsidies for each EV purchase, while 10 South Korean cities are adding on incentives anywhere from about $2,800 to $7,400 per vehicle. South Korean automaker Hyundai and affiliate Kia are just starting to do their part to boost the country's EV sales, which didn't even break the 800-unit mark last year. Kia recently said it will start making its 2015 model-year Soul EV in April, with sales debuting in South Korea by the end of the year. Hyundai is said to start selling its own EV starting in 2016. News Source: Wards AutoImage Credit: Korean Tourism Organization Government/Legal Green Hyundai Kia Electric incentives tax incentives island

Ex-Hyundai CEO Krafcik joins TrueCar board amidst IPO plans

Former Hyundai Motor America CEO John Krafcik has had a tumultuous year. Last June, he won the Automotive Executive of the Year from DNV Business Assurance. Then in December, he suddenly announced he was stepping down from his leadership role at the Korean automaker on January 1, with some suggesting it was because the company's sales growth was too far below forecasts. Now, it looks like the exec has landed a new role on the board of directors of online car shopping website TrueCar.
According to The Wall Street Journal, Krafcik's role will be to build relationships with automakers and dealers, but the job at TrueCar won't be full time. Since leaving Hyundai, Krafcik has also been doing consulting work in Silicon Valley. "It's helped me understand what I might want to do, full, full time. I am just taking things at the appropriate pace," he said to the Journal.
Krafcik, who is widely considered one of the industry's top executives, took the helm at Hyundai America in 2008 and led it to an increase in sales and market share. He was with the company when it won North American Car of the Year awards in 2009 and 2012 for the Genesis and Elantra, respectively.

Hurricane Sandy cost automakers 15,000 vehicles, may have ruined up to 200k

Hurricane Sandy was the largest Atlantic storm in US history, and its total economic impact is just now coming into view. According to Automotive News, Toyota, Chrysler, Nissan and Honda are set to scrap around 15,000 new vehicles ruined by the storm. Nissan alone accounts for about 40 percent of those, with 6,000 Nissan and Infiniti models deeded "un-saleable" due to damage. The company saw 56 dealerships shuttered due to the storm, but 51 of those have since reopened.
Toyota, meanwhile, had some 4,000 vehicles at its Newark port facility, and of those, 3,000 may be scrapped. An additional 825 were dealer inventory when they were ruined. Honda and Acura dealers are reportedly sending 3,440 vehicles to the salvage yard. By comparison, Chrysler weathered the storm fairly well with 825 units destroyed, while Hyundai suffered only 400 lost units and Kia scrapped around 200.
As you may recall, Fisker also suffered some losses, and Automotive News reports the manufacturer saw 320 Karma models damaged beyond repair. Ford and General Motors have yet to come up with estimates, and no automaker has commented on the full cost of replacing the vehicles.