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Hyundai plans $388 million expansion at engine plant in Alabama

Hyundai says it is investing $388 million to build a new plant in Alabama to manufacturing engine heads and update technology in an existing engine plant to support production of new Sonata and Elantra sedans and the Santa Fe crossover. The investment will also include 50 new jobs at its manufacturing complex in Montgomery. About $40 million will go toward constructing a new 260,000-square-foot engine-head machining plant, which is expected to be completed in November and operational by mid-2019. Hyundai says the project will free up space to expand engine assembly lines in two existing engine plants in Alabama. Hyundai plans to begin producing the Theta III engine, likely a 2.5-liter four-cylinder (though Hyundai won't confirm the specs yet), in April 2019 for the Sonata and Santa Fe crossover. It will continue to build the 2.0-liter Nu engine for the Elantra at its plant in Montgomery. Together, the engine plants build about 700,000 engineers per year to support vehicle production in Alabama and Kia's manufacturing facility in West Point, Ga. Hyundai Motor Manufacturing Alabama started vehicle production in May 2005 and employs 2,700 full-time and 500 part-time employees. Related Video: Image Credit: Hyundai Plants/Manufacturing Hyundai Crossover Sedan hyundai santa fe

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.

Autoblog Podcast #362

Episode #362 of the Autoblog podcast is here, and this week, Dan Roth and Chris Paukert cover the year-end news, including the surprise resignation of Hyundai Motor North America CEO John Krafcik, strong early sales for the 2014 Jeep Cherokee, and 2015 Ford F-150 rumors ahead of its expected Detroit Auto Show debut. Dan also had a chance to look back at 2013 and ahead to 2014 with Autoline's John McElroy. We start with what's in the garage and finish up with some of your questions, and for those of you who hung with us live on our UStream channel, thanks for taking the time. Check out the new rundown below with times for topics, and you can follow along after the jump with our Q&A. Thanks for listening!
Autoblog Podcast #362:
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