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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.

Recharge Wrap-up: Hyundai Tucson Fuel Cell logs moon-worthy mileage, Kolle makes Renault Kangoo ZE pickup

A French company called Kolle has made a pickup truck version of the Renault Kangoo ZE. The converted version of the electric van retains the same battery and drivetrain, offering a range of 106 miles, plus a bit more utility without the restraints of a roof over the cargo area. The tailgate is separated into two hinged doors, which swing open to the side for loading and unloading. Payload is about 1,433 pounds. The price is about $16,400, which includes incentives, but not the price of the battery. Read more at Inside EVs, and get more details at the Kolle website. Drivers in southern California have put enough cumulative miles on the Hyundai Tucson Fuel Cell to reach the moon. The hydrogen-powered crossover recently surpassed a combined 238,900 miles, which is the average distance from Earth to the moon. Mileage and other helpful information is gathered from participating owners periodically. "Surpassing this fundamental stellar threshold gives us a glimpse into the unlimited zero-emissions potential for Hyundai fuel cells," says Hyundai's Mike O'Brien. "If a small fleet of hydrogen-powered fuel cell vehicles can accumulate this kind of mileage in just a few short months, one can only imagine the potential for a zero-emissions hydrogen vehicle future." Read more in the press release below. A cross-country trip in a pickup running on chicken fat is scheduled for March 8. Cliff Ricketts, an agribusiness and agriscience professor at Tennessee State University, originally began the trip in November, running on biodiesel made from chicken fat. The 1981 Volkswagen Rabbit pickup's transmission broke near Kansas City, cutting short the trip between Key West, Florida and Seattle, Washington. With the truck repaired, he hopes to make the 3,550-mile trip next month. During his earlier attempt, though, Ricketts logged fuel economy ranging from 36 to more than 45 miles per gallon. Read more at Domestic Fuel. HYUNDAI TUCSON FUEL CELL DRIVERS FROM SOUTHERN CALIFORNIA ACCUMULATE SUFFICIENT MILEAGE TO REACH THE MOON EMISSIONS-FREE Cumulative Zero-emissions Mileage by Fuel Cell Drivers Surpasses 238,900 Miles FOUNTAIN VALLEY, Calif., February 25, 2015 – Hyundai Tucson Fuel Cell drivers have surpassed an impressive threshold, recently accumulating more than 238,900 miles on the roads of Southern California, all while emitting only clean water vapor.

Hyundai, Los Angeles Times and Consumer Reports in fuel economy skirmish?

On Wednesday, Consumer Reports issued a story taking umbrage with the auto industry's move toward smaller, turbocharged engines, noting its own testing revealed that many such powerplants fail to deliver their promised fuel economy numbers. The story covered a variety of domestic and foreign automakers, with Ford and Chevrolet featuring prominently in the discussion. Hyundai was also mentioned for its Sonata Turbo, but the Korean automaker's family sedan came within one observed mile per gallon of its EPA ratings in CR's test, and its normally aspirated 2.4-liter counterpart actually beat its combined EPA ratings, 27 mpg to 26.
Good news for Hyundai, right? The automaker was so pleased with its report card that it sent out a small statement to a handful of news outlets including Autoblog, reading in part:
"We at Hyundai believe that Consumer Reports real-world average fuel economy testing results and EPA combined fuel economy results should correlate, and in fact do correlate nicely for some brands. Among all brands, Hyundai does particularly well in this correlation, with no high-volume brand having a better correlation between EPA combined and Consumer Reports real-world fuel economy."