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Hyundai Kona joins compact-crossover fray

This week in Seoul, South Korea, Hyundai finally pulled back the covers on the all-new Kona, the automaker's first compact crossover. The Kona enters one of the hottest segments on the market and will compete straight against Honda HR-V, Toyota C-HR, and Fiat 500X. The stylish Kona slots below the larger Santa Fe and Tucson, filling out the Hyundai's crossover offerings. The new model goes on sale in Korea later this month, hitting showrooms in Europe and the US later this year. Like others in this segment, the Kona sells itself on style as well as substance. The design is more aggressive than Hyundai's other crossover offerings, though the automaker says it hints at a new direction for other products. After a few years of conservative design throughout its lineup, Hyundai has returned to the bold direction that kicked off with the sleek 2010 Sonata. The Kona's large, shield-like grille is similar to that on the new Elantra GT and refreshed Sonata. There's a wide air scoop just above the new grille. There's a lot of outside influence on the design. The rest of the body has a taut, masculine look. Big fenders and sharp creases carry on the rugged look. Hyundai is calling the black cladding "armor," though we're not sure exactly how much it protects. It's going to be a divisive design choice for sure. Like the Toyota C-HR, the Kona can be had with a contrasting roof color. The Kona makes use of LED lighting both front and rear, though the low placed headlights remind us of the controversial ones on the Jeep Cherokee. The taillights are wide, slim units that aren't like anything else in Hyundai's lineup. Like so many compact crossovers, it looks more like a high-riding hatchback than a shrunken SUV. It's a handsome design though that's more tough than cute. The interior has been designed with efficiency first. Hyundai boasts that the Kona has the best-in-class interior space. The simple layout is far more conservative than the exterior, but it appears well designed and well arranged. Like the Elantra GT, the infotainment screen sits above the dash like a tablet. It's a common design feature, though not always a popular one. The Kona can be had with a 5, 7, or 8-inch infotainment display, though availability depends on the market. Higher-spec models come with Apple CarPlay, Android Auto, HD and satellite radio, a rearview camera, and in the US, 4G telematics. The Kona will have wireless smartphone charging.

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.

Trump wants a trade deal, but South Korea doesn't want US cars

SEOUL - US auto imports from the likes of General Motors and Ford must become more chic, affordable or fuel-efficient to reap the rewards of President Donald Trump's attempts to renegotiate a trade deal with key ally South Korea, officials and industry experts in Seoul say. Meeting South Korean President Moon Jae-in last week in Washington, Trump said the United States would do more to address trade imbalances with South Korea and create "a fair shake" to sell more cars there, the world's 11th largest auto market. "What we really want to say to the United States is: Make good cars, make cars that Korean consumers like." While imports from automakers including Ford, Chrysler and GM more than doubled last year largely thanks to free trade deal which took effect in 2012, sales account for just 1 percent of a market dominated by more affordable models from local giants Hyundai and affiliate Kia. Imports make up just 15 percent of the overall Korean auto market, and are mainly more luxurious models from German automakers BMW and Daimler AG's Mercedes-Benz, which also benefit from a trade deal with the European Union. "Addressing non-tariff barriers would not fundamentally raise the competitiveness of US cars," a senior Korean government official told Reuters, declining to be identified because of the sensitivity of the subject. "What we really want to say to the United States is: Make good cars, make cars that Korean consumers like." TASTE BARRIER In Korea, US imports are seen as lagging German brands in brand image, sophistication and fuel economy, industry experts say. US imports do have a competitive advantage in electric cars: Tesla Motors' electric vehicles are seen as both environmentally friendly and trendy, while GM has launched a long-range Bolt EV. US Commerce Secretary Wilbur Ross had cited a quota in the current trade deal as an obstacle to boosting imports. The quota allows US automakers to bring in each year 25,000 vehicles that meet US, not necessarily Korean, safety standards. Should GM, for example, decide to bring in more than its quota of one model - the Impala sedans - it would cost up to $75 million to modify the cars to meet Korean safety standards, the company told its local labor union. Asked about non-tariff barriers, a spokesman at GM's Korean unit said removing them could expand the range of models the company can bring in from the United States. No US company, however, has yet to make full use of the quota, industry data shows.