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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 priced from $38,000*

Today's rear-wheel-drive 2014 Hyundai Genesis sedan with the model's base 3.8-liter V6 starts at $35,200. Come the new 2015 model, Hyundai has announced that price of entry will climb to $38,000. And if you're so inclined, the Korean automaker will include its new HTRAC all-wheel drive setup for $2,500, for a bottom line of $40,500. The extra $2,500 for AWD rewards you with more than improved foul-weather handling, as the HTRAC model prepared for cold climes with standard heated steering wheel and rear seats, as well as headlight washers.
If that's not enough power, stepping up to the company's well-liked Tau 5.0-liter V8 requires $51,500, a marked $4,100 bump over the price for its 2014 model equivalent, but then again, there's more standard equipment. And that's pretty much the top of the line, because the big eight-cylinder can't be had with all-wheel drive. (Note: *All prices are subject to a $950 destination fee).
Having successfully kept the Genesis' starting price below $40,000 even after handling and destination, Hyundai has thrown new equipment into the base car beyond its exterior and interior redesign. Gewgaws like paddle shifters, rain-sensing wipers, power folding outside mirrors, power height and lumber-adjustable passenger seat and one-touch power windows in the rear compartment are luxury touches that add more than their raw weight in upscale perception.

Why BMWs are cheaper than Hyundais in Korea

Bloomberg reports shifting tariff regulations have upended the traditional automotive pecking order in Korea. Thanks to cheaper import taxes, foreign brands have seen market share jump from 28 percent to 41 percent over the last two years. BMW, Mercedes-Benz and Audi have all capitalized on the shift, with domestics like Hyundai and Kia suffering at the hands of their German rivals.
Taxes on European imports have fallen from 8 percent in 2011 to just 3.2 percent today. Over the next few years, tariffs will all but be eliminated for most imports, and taxes on US-made vehicles are expected to fall to just 4 percent in 2014. By 2016, that number will be zero. Needless to say, Hyundai and Kia are concerned about the shift.
Hyundai has seen profit fall by 15 percent last quarter, and the company says it is on pace to see the slowest sales growth since 2007. The company's shares have fallen by 12 percent. In order to stem the losses, Hyundai has discounted its midsize sedans and started working on diesel engine options.