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Hyundai pulls motorsports in US, parts ways with Rhys Millen Racing

Automakers don't necessarily undertake racing programs in proportion to their size. A company like Ferrari or McLaren, for example, may be small, but their racing programs are huge. The inverse could be said of a company like Hyundai, which has grown to rank among the largest automakers in the world, but has traditionally maintained a relatively short reach when it comes to racing. And now it's getting even smaller as the company is shutting down its entire motorsport program in the United States. Not that the program was that big to begin with in the first place. Although Hyundai recently launched a factory effort in the World Rally Championship, in North America its competition activities revolved essentially around Rhys Millen Racing, the California-based outfit with which the Korean automaker has tackled Pikes Peak, Formula Drift and the Global RallyCross Series – the latter of which Millen describes as "arguably the fastest most exciting form of racing to hit the US in years." But now Millen has announced that Hyundai has withdrawn from their partnership that has stood for six years. Without support from the automaker, Rhys Millen is putting up his Hyundais for sale or rental to any privateer team interested in getting in on the RallyCross action, while the team looks for a new partner with which to move forward. As for Hyundai, it seems the automaker may have stretched its motorsport budget a little thin with the WRC effort, on which it will now apparently rely to establish its racing cred. We reached out to Hyundai for clarification on its future motorsport plans in America, but representatives weren't immediately available for comment. We will update this story when and if we hear back.

Hyundai spooks investors by paying $10B for new Gangnam HQ location

Doing things Gangnam style apparently costs a serious chunk of change, because Hyundai is reportedly paying roughly $10 billion for 19.6 acres (79,342 square meters) of land in the trendy district of Seoul, South Korea, to serve as the location for its new headquarters. That eye-popping number represents the highest amount ever paid for a plot of land in South Korea, according to Reuters. The hefty price tag reportedly scared investors enough for stock prices to sink dramatically.
Shareholders were apparently upset because the massive outlay could instead have been put back into the company for research and development or other improvements. Instead, the company reportedly bid triple the land's appraised value, says Reuters. The announcement caused Hyundai's stock price to plummet a massive 9 percent, and there were losses from Kia and the company's parts arm, as well. All told, the three of them lost nearly $8 billion in value from the falling share prices - almost enough to pay for the controversial land.
Hyundai currently has its headquarters on the outskirts of Seoul, but seems keen to move to the high-end Gangnam district to show off its rising status. It plans to build a new office complex, hotel, convention center and theme park on the site. According to an analyst speaking to Reuters, that could all cost an additional $6 billion to complete.

Hyundai refreshes the Sonata for South Korea, and later the US

Thanks to its debut in South Korea, we have an early look at the revised Hyundai Sonata that will eventually reach the US with minor adjustments. And that's not just speculation. We reached out to Jim Trainor at Hyundai, who told us, "Much of what you have seen from Korea will be seen here, but there will be differences both on the exterior and the interior along with some mechanical and option differences." That said, we don't expect major changes to this Korean model. So without further ado, let's take a look. Up front is a thoroughly revised fascia. The most noticeable change is the grille, which descends much lower in the front bumper, much like those on the Elantra sedan and Elantra GT hatchback. The top edge of the grille appears lower, and that brings the whole nose of the car lower. The hood also has a few more creases running longitudinally. The exterior varies a bit between models, with the standard model getting a grille with slats and the 2.0T getting a mesh grille. The 2.0T also gets black headlight bezels and dark chrome all around. Though Hyundai didn't provide photos of the interior, the company says it has been changed, and some of the buttons will have a more premium feel. The 2.0T also gets a few exclusive interior bits to complement its unique exterior. The seats have more bolstering, and the standard steering wheel is replaced with a flat-bottomed piece. There are some functional updates to the new Sonata as well. Most notable is the introduction of an 8-speed automatic on the 2.0-liter turbocharged four-cylinder model. In the US, the turbo Sonata is only available with a 6-speed automatic. Hyundai also touts the introduction of wireless phone charging and lane-keep assist. The big differences between this and the US version likely involve visual tweaks and the packaging of some options. There's also the question of whether the 8-speed automatic will be available, but it would be odd if it weren't offered. The Korean model goes on sale later this year, and Trainor told us the North American debut is coming soon. Related Video: