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Goes Both Ways: Free-trade pact sees South Korean brands losing share at home

France has been vocal, but not alone, in noting the rise of the South Korean automakers in Europe. The signing of a free-trade pact in 2011 between South Korea and the EU, along with the especially value-conscious buyers in a crisis-stricken Europe, has seen market share increases measuring in the double digits for Hyundai and Kia - analysts expect 14-percent growth for the two in 2012.
A report in Bloomberg has found that there's pain at the other end, too: The pact more than halved import tariffs on European cars headed to South Korea to 3.2 percent, and prices are now close enough to domestic offerings for more South Koreans to pay the premium for foreign luxury nameplates and the cachet they confer. Products sold by the five domestic automakers hogged 92 percent of the market last year, and sales have dropped 5.2 percent this year whereas import sales have risen by 24 percent. This will mark the first year that imports claimed ten percent of the market; compare that to 2002, when domestic market share in the world's 11th largest auto market was 99 percent.
The Germans are at the head of the arrow, counting for 65 percent of imported car sales, but every foreign maker has seen double-digit gains. Analysts think foreign makes could ultimately grab 15 percent of the market.

Hyundai bringing Elantra GT, special edition Veloster to Chicago

Hyundai will be bringing two new products to next week's Chicago Auto Show, a company source confirmed to Autoblog. The first is a freshened version of the Elantra GT – pictured above as a 2014 model – and the other is a special edition of the Veloster hatchback. Our source was mum about specific details, but said that the Elantra GT refresh was simply that – nothing crazy or all-new. In other words, we expect some lightly touched-up styling, and perhaps some improvements to the interior refinement, infotainment and technology, and maybe powertrain. As we reported earlier, the two-door Coupe is no longer part of the Elantra lineup, so these changes might be a way for Hyundai to further differentiate the GT from the sedan. As for that Veloster, it won't be anything revolutionary, either. Hyundai has historically used the Chicago show to debut special editions of the Veloster – take a look at last year's Re:Flex, for example – and we expect the same this time around. Perhaps a new matte paint finish? That's been a popular choice for Veloster Turbo buyers, after all. Whatever may be in store, we'll have the full scoop next week during the Chicago festivities. Stay tuned. Related Video: Featured Gallery 2014 Hyundai Elantra GT View 21 Photos Chicago Auto Show Hyundai Hatchback Economy Cars hyundai elantra gt

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.