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South Korea assists auto industry struggling with coronavirus fallout

SEOUL —  South Korea said on Monday it would provide logistical and financial support to help its auto industry through the coronavirus crisis, warning of disruptions to supply chains from Europe and the United States. The government said it would speed up customs clearance, arrange freight transportation and provide liquidity support for the industry, which employs about 12% of South KoreaÂ’s workforce, according to official figures. The coronavirus pandemic has led to shutdowns at auto factories and dealerships in the United States and Europe, which are expected to affect South Korean automakers such as Hyundai and Kia. “ItÂ’s time to prepare for the shock of a global demand contraction and European supply issues,” Industry Minister Sung Yoon-mo said in a meeting with parts supplier executives and industry associations, according to a readout from the ministry. “Survival is the most crucial thing in this unprecedented crisis when both demand and supply contract at the same time.” The ministry gave no details on how much liquidity support the government would provide or what form it might take. The assistance is part of 50 trillion won ($39 billion) in emergency financing announced last week to boost the economy. South Korea has reported 8,961 coronavirus cases and 110 deaths from the disease. Hyundai Motor closed its Montgomery, Alabama, assembly plant on Wednesday after an employee there tested positive for COVID-19. It also suspended production at its plants in the Czech Republic and India due to the coronavirus outbreak. Europe and the United States account for about 70% of Korean automakersÂ’ exports, and 54% of Korean parts exports, government data showed. A trade ministry official said South Korean exports would deteriorate in April and May, after rising 10% year-on-year in the first 20 days of March. Car exports rose 13.7% in the period, customs agency data showed on Monday. “For the time being, a drop in exports of cars and auto-parts are inevitable as car factories and dealerships are closing,” Sung said. South Korean automakers had stocked up on inventories which could last up to two months, Sung said. Related Video: Earnings/Financials Government/Legal Plants/Manufacturing Hyundai Kia coronavirus

Hyundai dumps Genesis Coupe for upscale model

Hyundai has confirmed that it is killing off the Genesis Coupe after the 2016 model year. A replacement for the coupe is expected to come after 2017, but it will fit into the automaker's luxury sub-brand, Genesis. "In regards to the Genesis Coupe, 2016 will in fact be the last model year for this popular, rear-drive sporty coupe," Christine Henley, Product PR Manager for Hyundai, told Autoblog. The vehicle is being replaced by something that fits better into the new Genesis brand's lineup. "A new, more sophisticated and luxurious coupe appropriate for the new Genesis brand is currently under development." Previous rumors surmised that the coupe will get a 3.3-liter turbocharged engine, an eight-speed automatic transmission, and all-wheel-drive. Inspiration for the upcoming coupe could come from the Hyundai HND-9 Sports Coupe Concept that was revealed a few years ago. Currently, Genesis offers the 2017 G80 midsize sedan and flagship G90 sedan. A luxurious, sporty coupe would fit perfectly in between these two vehicles to compete with more established luxury coupe players, as well as newer competitors like the Lexus RC and upcoming Infiniti Q60. Related Video: News Source: The Globe and Mail via The Truth About CarsImage Credit: Hyundai Genesis Hyundai Coupe Performance

Hyundai i20 WRC gets shakedown in Finland

It's always a good day when we get to post a video about rally racing. It's even better when that video is of a new WRC competitor undergoing testing. This spy video shows Hyundai's i20 WRC, a car that debuted nearly one year ago at the 2012 Paris Motor Show. It's set to usher in Hyundai's return to top-flight motorsports, and will do battle with the cars from Citroen, Ford and Volkswagen that are currently contesting the 2013 season.
This video, which shows the i20 testing on the notoriously tough Finnish rally stages, gives the impression that progress on the new WRC contender is going well. It certainly looks fast, and as with the vast majority of rally cars, it sounds absolutely wonderful (listen to some of those gun-shot-like backfires). Take a look below for the whole, glorious three minutes and 20 seconds of unadulterated rally noise, flying dirt and jumping.