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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.

Hyundai and Rhys Millen reunite, will return to Pikes Peak with new RWD racer, Genesis Coupe

Last September, Hyundai confirmed that it was exiting all of its motorsports programs in North America. That left Rhys Millen Racing without a title sponsor for its Formula Drift and Global RallyCross Championship series challengers. It also looked to have meant the end of a partnership that last year resulted in a record-setting run at Pikes Peak when Rhys Millen established the new benchmark for a run up the Colorado mountain in a production-based race car.
Hyundai clarified that September report by saying it was "reconsidering our continued involvement in Pikes Peak International Hill Climb, having achieved the world record in a Hyundai Genesis Coupe this year." The return is official, with Hyundai saying it is going back to the peak with Millen and two cars, one of them a "purpose-built unlimited class rear-drive," the other being the Hyundai Genesis Coupe-based racer that set last year's record in the time attack two-wheel-drive class.
Hyundai wants to show off the strength of its engineering, so the unlimited car will have something like 900 horsepower and 800 pound-feet of torque while using the production block, cylinder heads, bearings and accessories of its Lambda V6 engine. You can read more about the effort in the press release below, and click the image above for an enlarged view of what's coming.

2015 Hyundai Genesis recalled to replace tires

The Basics: Hyundai is recalling 11,142 examples of the 2015 Genesis sedan with production dates between March 3, 2014, and February 9, 2015. The Problem: The models have Hankook Ventus S1 noble2 tires that can develop cracks in the sidewalls, which could cause them to rupture or leak air. Injuries/Deaths: None reported, Hyundai spokesperson Jim Trainor told Autoblog. The Fix: Dealers will replace the tires. If You Own One: Hyundai expects to begin the recall on February 19. RECALL Subject : Tires May Develop Cracks in Sidewall Report Receipt Date: DEC 22, 2015 NHTSA Campaign Number: 15V864000 Component(s): TIRES Potential Number of Units Affected: 11,142 All Products Associated with this Recall Vehicle Make Model Model Year(s) HYUNDAI GENESIS 2015 Details Manufacturer: Hyundai Motor America SUMMARY: Hyundai Motor America (Hyundai) is recalling certain model year 2015 Genesis vehicles manufactured March 3, 2014, to February 9, 2015, and equipped with Hankook Ventus S1 noble2 tires installed as original equipment. The affected tires may develop cracks in the tire sidewall, resulting in a loss of air. CONSEQUENCE: Tire sidewall cracks could cause a rupture during use, resulting in a rapid air loss and loss of vehicle control, increasing the risk of a crash. REMEDY: Hyundai will notify owners, and dealers will replace the factory tires with tires of another brand, free of charge. The recall is expected to begin on February 19, 2016. Owners may contact Hyundai customer service at 1-855-671-3059. Hyundai's number for this recall is 138. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov. Related Video: