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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.

Minivan Mania | Autoblog Podcast #675

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor, Green, John Beltz Snyder and West Coast Editor James Riswick, and this week, it's (almost) all about vans! James recently wrote a head-to-head comparison of the 2021 Toyota Sienna and 2021 Chrysler Pacifica Hybrid, and he talks us through the results. John recently reviewed the 2022 Kia Carnival, which is replacing the Kia Sedona. After discussing the minivan field as a whole, our editors identify some reasonable minivan alternatives in the SUV and crossover realms. Moving along, they talk about driving the long-term Hyundai Palisade and the new Mitsubishi Outlander before discussing their favorite highlights from the 2021 Shanghai Auto Show. Autoblog Podcast #675 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Minivans! 2021 Toyota Sienna vs 2021 Chrysler Pacifica Hybrid 2022 Kia Carnival The rest of the field Ute alternatives Cars we're driving 2022 Mitsubishi Outlander 2021 Hyundai Palisade road trip Shanghai Auto Show Lincoln Zephyr Toyota bZ4X Honda SUV e:prototype Feedback Email – Podcast@Autoblog.com Review the show on iTunes Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

2020 Hyundai Sonata shows fresh shape among competitors

The Hyundai Sonata received a refresh for the 2018 model year, but it seems that version won't be around for long, because a 2020 Hyundai Sonata midsize family sedan has been spied testing. The new car was spotted in Las Vegas testing alongside the competition. This new Sonata also appears to be a complete redesign, since nothing appears to be shared with the current model. Up front, the new Sonata looks much wider than the current model. Part of this is due to the headlights being moved to sit inline with the top of the grille, as opposed to slightly above on the current model. And while we can't see it clearly, the grille will likely have a similar shape to that of the current model and other Hyundais. The fenders also wrap around the top of the car more, further contributing to the car's wide stance. The profile of this new Sonata is different, too. It's a bit more traditional in how the engine compartment area doesn't blend into windshield as much. The current Sonata blends the engine, passenger and trunk compartments more. There's also a curve to the bottom of the greenhouse on the new car that lends the car a more graceful, less upright appearance. There is still a fastback look to the rear of the Sonata, but it's stretched out more, again helping the car look less upright. This is the first time we've seen the next-generation Hyundai Sonata, but it does look as though it's pretty far in development. What we can see of it appears to be production ready. As such, we probably won't have long to wait to see the car revealed. It will probably show up sometime next year in time for the 2020 model year. Related Video: