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Hyundai appoints William Lee as global head of Genesis

SEOUL — Hyundai on Tuesday named its former North American chief, William Lee, to oversee its premium Genesis brand following the departure of Manfred Fitzgerald to pursue new opportunities. Lee faces the challenge of rejuvenating Genesis sales in the U.S. market and making headway in Europe and China, both tough markets to crack for luxury car sales. "The company expects Mr. Lee, in his new capacity, to lead the brand's further global expansion by leveraging his overseas business operations expertise," Hyundai said in a statement. "North America is an imperative market for the Genesis brand," it added. The news follows the appointment this month of Mark Del Rosso, a former president of Audi America, to oversee Genesis operations in North America. Genesis U.S. sales halved to 10,312 last year, although sales have picked up this year. The United States is the biggest overseas market for Genesis, which generated 72% of its sales in South Korea last year. Before his stint at Hyundai Motor North America, Lee oversaw Hyundai's Brazil operations and the U.S. unit of advertising arm Innocean Worldwide. Hyundai said in a recent earnings conference call that it has set up Genesis sales operations for China and Europe. Hyundai Motor Group's heir apparent Euisun Chung introduced the Genesis brand in November 2015, bringing in Fitzgerald, a former Lamborghini executive, a few months later to help the automaker shed its value for money image. Hirings/Firings/Layoffs Genesis Hyundai Luxury

2019 Hyundai Santa Fe gets $550 price bump, more tech

Hyundai's all-new 2019 Santa Fe will start at $25,500 and include more safety and other technology when it goes on sale later this year. Hyundai also confirms that the three-row version of the crossover will be renamed the Santa Fe XL for 2019, while it's developing an as-yet unnamed three-row, eight-passenger SUV, filling a hole in the Korean automaker's lineup. The Santa Fe's new starting price is $550 higher than the 2018 Santa Fe Sport, which is going away as a separate nameplate. (To keep the moves straight: The former Santa Fe Sport becomes just plain Santa Fe. The former Santa Fe becomes Santa Fe XL.) The 2019 Santa Fe's price doesn't include the $980 destination fee, which nudges the starting price up to $26,480 for the front-wheel-drive SE model. It's offered in seven trim models, topping out at the all-wheel-drive Ultimate 2.0T, which starts at $39,780. The 2019 Santa Fe borrows some of the Hyundai SmartSense safety technology from the Santa Fe Sport, including forward-collision avoidance, lane-keeping assistance and blind-spot collision assist. Other standard technology includes idle stop-start and Android Auto and Apple CarPlay compatibility. Hyundai has also updated the looks on its fourth-generation crossover, with more chiseled hard lines in the body, a rising beltline, improved visibility and a reorganized interior with more storage space. Powering the ute is the base-level 2.4-liter inline-four engine, which makes 185 horsepower and 178 pound-feet of torque, or a 2.0-liter turbocharged four-cylinder putting out 235 hp and 260 lb-ft. An eight-speed automatic transmission routes power to the front or all four wheels. Fuel economy ratings top out at 22 miles per gallon in the city, 29 on the highway and 25 combined for the 2.4-liter engine in front-wheel drive, a slight improvement over its predecessor.

Hyundai, union reach tentative labor deal

According to Reuters, South Korea's labor unions may have reached a tentative deal with Hyundai following a compromise between the two sides on wages. Workers have staged a number of stoppages since August 20, which have cost the South Korean giant 1.02 trillion won - around $1.1B US. It also represents just over 50,000 units of production. That vehicle total sounds like a lot, but it's a small enough figure that Hyundai can apparently catch up with weekend and overtime shifts. We'd wager that this is why US inventories haven't been hit quite so hard aside from the battering already taking place. The proposal will now go before the union's rank and file.
If ratified, the new agreement will see workers getting a 5.14-percent raise in base salaries, along with 8.5-million-won (roughly $7,800) bonuses. Those concessions are a far cry compared to what the union was initially demanding, though. Early proposals included a 56.25-gram gold medal for each employee (worth about $2,400) and a 10-million won bonus (about $9,100) for employees whose children chose not to attend college. The union also sought a bonus worth two months' salary for workers that have been with the company for over 40 years, but this was negotiated down to a flat rate of six-million won ($5,464).
Based on Reuters' report, the work stoppages must have taken a real toll on Hyundai - its domestic sales dropped 20 percent last month, while exports were down nine percent. Those startling figures must have put some fire under the Hyundai bargaining team.