2011 Hyundai Sonata Se on 2040-cars

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Hyundai, Kia announce buyback plan for angry Korean investors

Hyundai's controversial decision last September to move its Korean headquarters to an expansive (and expensive) new facility was met with a swift backlash by shareholders. After making the biggest land purchase in South Korean history, the company's share price took a nine-point nose dive.
Now, in a bid to get back in the good graces of its stockholders, Hyundai and its subsidiary, Kia, will make a $615-million stock buyback plan. Reuters claims this is the first time in ten years that Hyundai has made a buyback offer with the explicit purpose of pumping up share prices.
The total deal bumped up Hyundai's share prices 5.7 percent while Kia is up two percent, although neither company has fully recovered from the battering that followed the headquarters announcement. It's unclear what else it will take for Hyundai to recover the ground it lost during the land deal.

Hyundai Ioniq 6, Genesis GV70e continue EV product blitz through 2022

A Hyundai presentation to investors has revealed an onslaught of competitive-looking products coming in the next couple of years. It includes more electric variants of existing vehicles, as well as dedicated EVs for the Ioniq sub-brand, as well as updates for popular existing models that have to ensure they don't get stale. Perhaps the biggest news is the fact that Ioniq 6 is sedan will follow the retro-cool Ioniq 5 hatchback, hitting the road by 2022. With styling flowing from the stunning Prophecy concept revealed last year, it will help bolster the Ioniq sub-brand as an exciting choice for mainstream EVs. It's classified as a C-segment sedan, meaning it will be about the size of a Honda Civic. But before the Ioniq 6 arrives, a yet-unnamed CUV will also join the lineup in 2021. It's not clear whether that model will be for foreign markets or the U.S., but either way Ioniq is shaping up to be a strong nameplate. However, that doesn't mean it will be the sole source of EVs in the Hyundai empire. Following the launch of the battery-electric G80 later this year, Genesis will in 2022 offer an battery-electric version of its GV70. These will be named the G80e and GV70e, if trademark filings discovered earlier this year are any indication. Unlike the Ioniq 5 and 6, it will likely take the shape of their gasoline-powered counterparts with only minor styling changes. In 2022, updates to both the Sonata and Palisade will hit the market. Both vehicles were all-new in 2020, and their strong designs still appear fresh. However, Hyundai clearly understands the importance of keeping its bread-and-butter offerings fresh in a competitive market, unlike some Japanese and American automakers we could mention. Nowhere in the presentation was Kia mentioned, as the company is trying to keep the brands separate. However, Kia's boss has said it is going full steam ahead in the EV push, trying to outdo even Hyundai. The Hyundai juggernaut shows no signs of slowing down, and other automakers should take note (or be very afraid). Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Hyundai reveals the 2021 Hyundai Santa Fe

10 automakers sued over keyless ignitions

Keyless ignition has rapidly proliferated throughout the auto industry to become a fairly normal feature on new cars. It's supposed to offer the convenience of keeping the fob in your pocket and just pressing a button to drive away. However, ten major automakers are now being sued in US District Court over claims that the system is dangerous, Reuters reports. The suit alleges that people are forgetting to shut off the engine, and the lack of an idle timer is the cause for 13 deaths by carbon monoxide poisoning and multiple injuries. The suit currently includes 28 plaintiffs, according to Reuters, but the lawyers are asking for class-action status to potentially add many more. The case goes after a major swath of the industry, including BMW, Daimler, FCA, Ford, General Motors, Honda, Hyundai, Nissan, Toyota, and Volkswagen, plus their related brands like Acura, Infiniti, Mini, and Lexus. In all, over five million vehicles are affected. The assertion here is that people walk away from their vehicle without shutting it off because they believe the engine shuts off automatically. If parked in a garage, carbon monoxide can build up, leading to poisoning. The lawyers claim automakers know this is a problem and also cite 27 complaints to the National Highway Traffic Safety Administration about the issue, according to Reuters. The plaintiffs are asking for an automatic shut-off and damages from the companies. These concerns have come up before, though. Toyota previously faced a lawsuit over a carbon monoxide death after a woman accidentally left her Lexus running. Also earlier this year, GM recalled 64,186 examples of the 2011-2013 Chevrolet Volt because owners weren't shutting them off. The problem resulted in two injuries, and the company released a software update to limit the idling time.