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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 admits 'error' in KDM Sonata fuel economy announcement

Stop us if you've heard this one before: Hyundai is going to have to reduce the officially announced miles-per-gallon number for its 2014 Sonata. While there's a lot of similarity between this new situation and events that transpired in 2012, there are some important differences. For one, the new mileage mistake, which Hyundai says was once again caused by an error at its test centers, is only applicable to cars in the Korean Domestic Market. Secondly, it's not so much mpg as kilometers per liter. "We are very sorry for causing confusion to reporters" - Hyundai According to Reuters, the numbers for the Korean Sonata were originally announced as 12.6 kilometers per liter (29.63 mpg), a six-percent increase over the previous model. The automaker has just announced that government verification showed an actual result of 12.1 kpl (28.46 mpg), which is only a two-percent increase. Since these numbers were done using the South Korean economy test, they are not equivalent to the US EPA numbers, the latter of which say the 2014 Sonata gets 36/40/38 miles per gallon. The correction came before the new Sonata went on sale in South Korea. In an official statement, Hyundai said, "We are very sorry for causing confusion to reporters." Hyundai Motor America's Jim Trainor, product public relations senior group manager, assured AutoblogGreen that the Korean error will have "no effect" on US ratings. In 2012, Hyundai and Kia faced a media and consumer firestorm after being caught up in exaggerated mileage claims for vehicles like its 2013 Accent, Veloster and Elantra. The sister companies agreed to compensate buyers to the tune of $395 million for what they said were "honest mistakes" and "human error" during in-house fuel economy tests. There is no word yet on whether similar customer satisfaction actions will follow this domestic market snafu.

2015 Hyundai Azera is refreshed, may still be on life support

What you see above is the 2015 Hyundai Azera. It's slightly refreshed for the new model year, with a new grille, lighting elements and fascia joining some newly standard technology bits inside the cabin. Other than those few updates, this is the same Azera we've known and loved since its most recent redesign for the 2012 model year. Thing is, we're not sure if the Azera will actually live past 2015 here in the United States. Hyundai has said that it still sees some space above the Sonata midsize sedan and its larger and more luxurious Genesis Sedan for a vehicle sized and priced like the Azera, but just hasn't been able to find many buyers who agree. Put simply, if you like what you see in the 2015 Azera, now would be a good time to mosey on over to your nearest Hyundai dealer to see if this fullsize sedan suits your specific needs better than competitors like the Chevy Impala, Toyota Avalon and Buick LaCrosse.