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Hyundai mulling new small CUV under Tucson

Hyundai maintains it can barely build enough of its core models to satisfy North American consumers, but that doesn't mean it isn't keen to expand its offerings to capture developing segments of the market. According to Edmunds, one of those expanding niches could be the burgeoning subcompact crossover segment. The website quotes Hyundai North America president and CEO John Krafcik as acknowledging his company is "very under-represented" in crossovers, the market's hottest vehicle type.
With the discontinuation of the Veracruz, Hyundai is down to two CUV nameplates, Tucson (pictured) and Santa Fe, the latter of which covers two segments with a two-row Sport and long-wheelbase three-row model. And while Hyundai commands seven percent of the US sedan market, the company estimates it only has two percent of the truck segment.
And while Krafcik stops short of confirming a new model, he acknowledges "a new segment is emerging" underneath the Tucson and says, "I think it's something to look at." At the moment, the subcompact softroader segment remains small and somewhat amorphous, with tiny CUV offerings like the Buick Encore, Nissan Juke, and now-discontinued Suzuki SX4 illustrating that there are a lot of different ways to package and market such a vehicle.

Hyundai Motor Group promotes heir apparent

SEOUL — Hyundai Motor Group promoted heir apparent Euisun Chung on Friday to a role of overseeing the conglomerate, moving him a step closer to succeeding his octogenarian father as head of South Korea's second largest group. Chung, 47, who will assist his father and group chairman Mong-Koo Chung, was appointed as executive vice chairman to respond to "deteriorating global trade issues and changes in competitive dynamics in major markets," Hyundai Motor Group said in a statement. Chaebols like Hyundai and Samsung Group, which have grown into global firms from the rubble of the 1950-1953 Korean War, are undergoing a transfer of power to third- or fourth-generation leaders. "In his new capacity, Executive Vice Chairman Euisun Chung will oversee the entire Group's operations, aiding and reporting to Chairman Mong-Koo Chung," the statement said. The appointment also comes as Hyundai battles tumbling profits, mounting pressure from activist shareholders to improve its governance, and amid South Korea's trade tensions with the United States that threaten to disrupt its production plans. "This is a good sign," Park Yoo-kyung, a director at Dutch pension fund APG Asset Management, said of the appointment. "This will enhance transparency about who is controlling the group and who is making key strategic decisions," she said. Generational shift The junior Chung, currently vice chairman of the group's crown jewel, Hyundai Motor Co, has stepped up in recent years, attending motor shows and government meetings with business leaders on behalf of his 80-year-old father who has made few public appearances. Shares in Hyundai Motor ended up 0.8 percent on Friday, and affiliate Kia Motors fell 0.3 percent in a wider market that rose 1.4 percent. Chairman Chung, the all-powerful boss, has presided over Hyundai for about two decades, transforming the company into the world's fifth-biggest car maker along with Kia Motors. Hyundai is now struggling to reverse slowing sales in China and the United States, where the company has suffered due to its delayed response to booming demand for SUVs. The appointment is part of an effort to "improve future competitiveness and secure future growth engines" at a time when the auto industry is undergoing major changes, the group said. The junior Chung has led the group's efforts to develop future vehicles such as autonomous and connected cars, as well as Hyundai's fledging premium brand Genesis.

Hyundai To Fight $248 Million Judgment Over Fatal Montana Crash

A Montana jury has levied a $248 million ruling against Hyundai in the case of a crash that killed two occupants in July 2011. The automaker plans to appeal the ruling. Cousins Trevor and Tanner Olson were driving a 2005 Hyundai Tiburon when they hit another vehicle head-on. According to lawyers representing their family, the steering knuckle on the car cracked and this allegedly caused it to lose control. Hyundai claimed that fireworks had been let off inside the vehicle, which caused the driver to swerve. The company alleges that evidence that could have proved its innocence was barred from the case. The jury found in favor of the family and awarded them about $8 million in damages after a two-week trial. It claimed that Hyundai had shown "actual malice," according to Reuters. The jurors also slammed Hyundai with a further $240 million in punitive damages. Hyundai told Reuters that it plans to appeal immediately and called the verdict "outrageous." Autoblog has received a copy of the automaker's official statement, detailing its plans to appeal this case. Scroll down to read it. Statement by Hyundai Motor America While a tragic accident, Hyundai firmly believes the jury's verdict in Olson vs. Hyundai is mistaken and award of damages at three times what was sought by the plaintiffs is outrageous and should be overturned as Hyundai is not at fault. Eyewitness testimony established – and experts for both sides agree – that fireworks exploded in the unbelted teenagers' vehicle immediately before the July 2, 2011 accident, which involved the driver losing control, crossing the median and crashing head-on into an oncoming Pontiac at a closing speed of approximately 140 miles per hour – a speed confirmed by experts for both sides. Hyundai believes the jury's view of the evidence was distorted by a series of erroneous rulings by the Court, the most egregious of which prevented the jury from reviewing performance testing conducted by renowned failure analysis experts that would have disproven the plaintiffs' theory of the case – a theory derived by a local resident with no previous automotive experience. Hyundai will seek an immediate appeal. Technical Background The 140 mph closing speed head-on collision crushed the steering knuckles of both vehicles involved, a Hyundai Tiburon and a Pontiac Grand Am.