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Hyundai Motor heir Euisun Chung takes over from father after 20 years in waiting

SEOUL — Hyundai Motor Group appointed Euisun Chung as group chairman on Wednesday, cementing his succession from his octogenarian father in a move likely to give impetus to the world's fifth-largest automaker's push into electric vehicles and flying cars. In the first generational handover at the South Korean automobile giant in 20 years, Chung, 49, said he hoped to lead change at South Korea's second-biggest conglomerate as it battles to stay ahead of the pack in a time of rapid technological innovation in the global auto industry. "Carrying on their bold and innovative legacies, I feel privileged, yet also a sense of great responsibility for opening a new chapter of Hyundai Motor Group," Chung said in his inauguration speech to employees. Chung identified autonomous driving, electrification, hydrogen fuel cell, robotics and Urban Air Mobility (UAM) — industry jargon for flying cars — as his initiatives for the future. Hyundai Motor shares were trading up 0.3% after rising as much as 2.5% after the appointment, while the wider market was down 0.6%. Kia Motors and Hyundai Mobis fell 1.6% and 1.1%, respectively.   Legacies Hyundai Motor Group earlier on Wednesday said Chung had been promoted to chairman from executive vice chairman, replacing his father, Mong-Koo Chung, who was made honorary chairman. Key affiliates of Hyundai Motor Group, including Hyundai Motor, endorsed his inauguration unanimously. The appointment makes Chung the latest third-generation leader to take over one of South Korea's family-led conglomerates, which have been credited with lifting the war-stricken country out of poverty since the 1950s. His father took the wheel of the group in 2000 and transformed the company, once mocked for poor vehicle quality, into the world's No.5 automaker. The 82-year-old has been stepping back from frontline operations in recent years, and gave up his board seat in Hyundai Motor earlier this year. Euisun Chung has played an increasingly visible leadership role since September 2018 when he was promoted to executive vice chairman. Hyundai Motor Group invested $1.6 billion in a self-driving technology joint venture with U.S. Aptiv, forged a partnership with Uber on electric air taxis and invested in ride-hailing firm Grab. In July, Chung set a goal to win more than 10% of the global market for battery EVs by 2025.

The last Hyundai V8 car is already here

Hyundai will end production of V8-powered cars this year, if a new report out of South Korea proves true. It would make the 5.0-liter unit found in the current Genesis G90 sedan the final Hyundai Tau V8. According to South Korean website Daum, the updated Genesis G90, expected later this year, will no longer have the 420-horse, 383 lb-ft V8 available as an option. The top-grade engine will, moving forward, be the 3.5-liter twin-turbo V6, good for 380 horsepower and edging out the V8 with 391 pound-feet of torque.  In addition, the V8 was discontinued for the updated Kia K9 recently. We knew that model as the Kia K900 in the U.S., and dropping the V8 was a moot point for us because the entire model was eliminated for 2021. We thought that the V8 might be on its way out when we saw the 2022 Genesis G90 testing under heavy camouflage. It's not surprising, considering the entire industry is moving toward smaller, forced-induction engines. According to Daum, the G90 will be redesigned with an eye toward weight reduction, chassis rigidity, and a lower center of gravity. An electric version, likely called the eG90, is expected as well. It'll almost certainly receive the quad headlight signature of two thin lines on either side of a large crest grille as well. Going even further, the site claims that the G90 will feature a rear-wheel steering system to improve cornering and high-speed stability. The V6-powered 2022 Genesis G90 is expected to debut later this year, and the electric version will follow at a later date. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Ford, Toyota clean up in Best Car For The Money Awards

The U.S. News Best Cars for the Money Awards picks winners by looking at the average transaction price, five-year total cost of ownership, the regard a car has from the automotive press, reliability figures from J.D. Power and Associates and safety data from the National Highway Traffic Safety Administration and the Insurance Institute for Highway Safety. The result, according to the magazine, is "the best combination of critical acclaim and long-term value."
Ford nabbed six of the 21 categories that received awards this year, the Focus, Fusion, Fusion Hybrid, Taurus, Escape and Edge getting trophies. Toyota and its Lexus and Scion sub-brands took another five, the Tacoma and Tundra owning the two categories given to pickup trucks. The other ten awards were split between Honda with three, Buick with two, and one each for Subaru, BMW, Hyundai, Chevrolet and Mazda.
Follow the link to see all the winners and read about why they were chosen.