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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.

Europe to get next Hyundai Genesis

Hyundai is preparing to make a rather bold move with its Genesis, as reports are now stating that the next-generation rear-drive sedan, which we showed you earlier this week, will be sold in Europe. The first-generation of the Genesis sedan never crossed the pond.
The 2015 Genesis will enter the traditional stomping grounds of BMW, Mercedes-Benz and Audi armed with the same 3.8-liter V6 and 5.0-liter V8 found in the current model. All-wheel drive, a first for the model, will also be available in Europe. "We have to overcome the challenge of competing with established European brands. We expect the Genesis to play a crucial role in improving our brand recognition," Hyundai said in a statement.
Hyundai has done a fair job of changing its image in the US from a budget-minded brand into a legitimate, mainstream competitor that covers a broad swath of the American market, offering cars from the $14,545 Accent to the $61,000 Equus. That movement started in earnest with the Genesis, and it looks like Hyundai is determined to repeat that models success in Europe.

Genesis bringing an EV concept and G90 to New York Auto Show

It's official, the entire Hyundai Group has plans for the New York Auto Show. During the Hyundai Sonata press launch in South Korea, design head Luc Donckerwolke told Roadshow "You'll have an electric show car for Genesis." This year will be the charm for Genesis and EVs, after showing the GV80 SUV concept and its hydrogen fuel cell powertrain in 2017, and the electric Essentia coupe concept last year. We will also see the production version of the U.S. market Genesis G90 and its mongo grille. The premium brand's debuts will join the new Sonata sedan and Venue crossover, and an as-yet-unnamed Kia show car expected to be our version of the SP Signature concept potentially called Tusker. Hyundai-Kia isn't getting its electric razzle dazzle ready for New York alone. Auto Express reports the group is working on a new electric car platform to serve the carmaker the same way Volkswagen's MEB architecture serves the German group's brands. At the moment, the only four EVs in the South Korean automaker's range are the Hyundai Kona and Ioniq, and the Kia e-Niro and Soul. They are all built on ICE platforms, the Kona and e-Niro still proving popular enough for this year's planned UK-market production to sell out already. According to a "company insider," the dedicated EV platform is around two years away and will focus on B- and C-segment cars. That's the same year that Genesis is expected to have its EV ready, but unless the luxury arm has plans to dip its grille into C-segment waters, Genesis likely has other EV platform plans. By 2025, Hyundai and Kia have said they'll have 14 EVs in the combined lineup as part of 38 electrified offerings. Whatever's on the way could prove far more radical than today's offerings. Donckerwolke told Auto Express that in order to attract the future EV buyers that aren't necessarily car people, "[You] have to ask whether you want science fiction or whether you want to conform. We can create something that doesn't appeal to someone in the traditional sense." If the head designer gets his way, 3D-printing will help whip up those attractions. Last year's Essentia concept showed off 3D-printed carbon fiber ornament, but the potential goes much further.