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Hyundai and Kia to hit record 8M sales for 2014

Hyundai and Kia are on a sales charge in 2014, and parent company Hyundai Motor Group is increasing projections to a record eight million combined units for the automakers by the end of the year – a bump over the original target of 7.86 million vehicles. According to Bloomberg, the key to the growth is beating expectations in Brazil, China and India, and strong crossover sales are also helping the bottom line. In the US, both automakers are doing well this year. In October, Hyundai saw a six percent dip in monthly sales, but through the first 10 months it sold 607,539 vehicles, compared to 601,773 at this point last year. Kia has done even better with 489,711 units sold from January to October, versus 456,137 for the period in 2013. The good news is a welcome antidote to negative headlines like investors' anger over Hyundai's $10 billion land purchase in Seoul, South Korea. The two automakers also had to pay a $300 million penalty to the Environmental Protection Agency for misstating fuel economy on some models. While sales may reach a new record, profits might not grow as much with them. The strong Korean won means that Hyundai and Kia have a tougher time keeping up profit margins compared to Japanese competitors with a weaker yen.

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.

Kia teaming up with DUB to bring modified Stinger GT and K900 to SEMA

SEMA kicks off this week, so continue to look for all manner of modified cars, trucks and SUVs. For years, SEMA was ruled by aftermarket companies — it isn't called the Specialty Equipment Marketing Association for nothing — but in recent years, the automakers themselves have used the show as an opportunity to showcase a variety of fun but often garish modified vehicles. This year, Kia is bringing a pair of cars that appear to fall somewhere in the middle of the spectrum. All we have right now are a few teaser images of a bright blue Kia K900 and a silver over red and black Kia Stinger GT. Kia has teamed with DUB, one of the most famous aftermarket outfitters in the business, to design the vehicles. The K900 has been updated with gloss black accents, 24-inch wheels, a blue and black interior, air suspension and a "specially developed multimedia setup." We'll be disappointed if that doesn't mean TVs in the headrests. The Stinger GT will have 22-inch wheels, a custom intake and exhaust, air suspension and a redone interior. We won't have any other details until the cars are fully revealed at Kia's press conference, but stay tuned to the site this week for more SEMA coverage from Kia and other automakers and suppliers. Related Video: Featured Gallery DUB 2019 Kia Stinger GT: SEMA 2018 View 11 Photos Related Gallery DUB 2019 Kia K900: SEMA 2018 View 9 Photos Related Gallery Kia SEMA 2018 News Source: KiaImage Credit: Live photos copyright 2018 Drew Phillips / Autoblog.com Aftermarket Design/Style SEMA Show Kia Sedan kia k900 kia stinger gt kia stinger