2010 Kia Forte Sx Sedan No Reserve on 2040-cars

Auto blog

Hyundai Motor Group promotes heir apparent

SEOUL — Hyundai Motor Group promoted heir apparent Euisun Chung on Friday to a role of overseeing the conglomerate, moving him a step closer to succeeding his octogenarian father as head of South Korea's second largest group. Chung, 47, who will assist his father and group chairman Mong-Koo Chung, was appointed as executive vice chairman to respond to "deteriorating global trade issues and changes in competitive dynamics in major markets," Hyundai Motor Group said in a statement. Chaebols like Hyundai and Samsung Group, which have grown into global firms from the rubble of the 1950-1953 Korean War, are undergoing a transfer of power to third- or fourth-generation leaders. "In his new capacity, Executive Vice Chairman Euisun Chung will oversee the entire Group's operations, aiding and reporting to Chairman Mong-Koo Chung," the statement said. The appointment also comes as Hyundai battles tumbling profits, mounting pressure from activist shareholders to improve its governance, and amid South Korea's trade tensions with the United States that threaten to disrupt its production plans. "This is a good sign," Park Yoo-kyung, a director at Dutch pension fund APG Asset Management, said of the appointment. "This will enhance transparency about who is controlling the group and who is making key strategic decisions," she said. Generational shift The junior Chung, currently vice chairman of the group's crown jewel, Hyundai Motor Co, has stepped up in recent years, attending motor shows and government meetings with business leaders on behalf of his 80-year-old father who has made few public appearances. Shares in Hyundai Motor ended up 0.8 percent on Friday, and affiliate Kia Motors fell 0.3 percent in a wider market that rose 1.4 percent. Chairman Chung, the all-powerful boss, has presided over Hyundai for about two decades, transforming the company into the world's fifth-biggest car maker along with Kia Motors. Hyundai is now struggling to reverse slowing sales in China and the United States, where the company has suffered due to its delayed response to booming demand for SUVs. The appointment is part of an effort to "improve future competitiveness and secure future growth engines" at a time when the auto industry is undergoing major changes, the group said. The junior Chung has led the group's efforts to develop future vehicles such as autonomous and connected cars, as well as Hyundai's fledging premium brand Genesis.

UPDATE: 2021 Kia K5 name confirmed in fuel economy listing

UPDATE: Additional Kia K5 fuel economy data has been added to the FuelEconomy.gov website. It includes two sets of fuel economy numbers for what seems to be front-wheel-drive trims of the 1.6-liter turbocharged K5. You can find those numbers in the updated text below. The website has also seemingly removed the numbers for the all-wheel-drive version, but those are still present in this article. We've already seen Kia's new midsize family sedan, but details about it are still being fleshed out, including what it will finally be named. Based on a listing at the EPA's FuelEconomy.gov website, it seems the sedan will officially be known as the 2021 Kia K5, dropping the old Optima name. Besides the name, we also get snippets of information about one engine in multiple configurations. The engine in question is a turbocharged 1.6-liter four-cylinder, likely the same engine found in the Hyundai Sonata, which makes 180 horsepower and 195 pound-feet of torque. The Hyundai uses an eight-speed automatic transmission, and the Kia probably will, too. With what is likely the front-drive model, the K5 will get 29 mpg in town, 38 on the highway and 32 combined. There's also a version that gets slightly worse economy at 27 in town, 37 on the highway and 31 in combined driving. It's probably a heavier, more well-equipped trim. Both versions do get better fuel economy than the Sonata with the same engine (27 city / 36 highway / 31 combined). The third set of numbers is for the all-wheel-drive version, which will be unique to the Kia. According to the listing, it returns 26 mpg in the city, 34 on the highway and 29 in combined driving. Though all these numbers are for the 1.6-liter, there is another engine coming, which Kia has also previously said will be another turbocharged engine. It will probably be the 2.5-liter for the Sonata N-Line with 290 horsepower and 310 pound-feet of torque. With the Kia K5's option for all-wheel drive, it will join a growing group of midsize sedans with the drivetrain: the Subaru Legacy, Nissan Altima, Toyota Camry and the soon-to-be-discontinued Ford Fusion. Based on the engine size and output, this Kia K5 will be a direct competitor to the Altima and Camry, as well as the Legacy with the naturally aspirated engine. Depending on trim levels, the K5 ties or beats the Camry, which returns 28 to 29 mpg combined. The Altima returns 29 to 30 mpg combined depending on trim level, and the Legacy hits 30 mpg. Related Video:    

Sales incentive growth clustered around brands with few CUVs, trucks

While it's arguably been around the longest, the dominance of the four-door sedan has been under threat for many years. As a further sign of the hurtin' that SUVs and crossovers have put on today's four-doors, a new report from Automotive News points to the increasing use of incentives by brands reliant on cars and light on CUVs and pickups.
Honda, Toyota, Volkswagen and Kia have all been stung by double-digit increases in their incentives-to-transaction price ratio, according to AN, which cites data from TrueCar. Honda's ratio is up 14 percent, while Toyota, VW and Kia are up 18, 15 and 19 percent, respectively.
"Most of the incentive growth we have seen is in product segments with low demand - midsized or large sedans," TrueCar CEO John Krafcik told AN. "As this trend goes on, the brands with three-sedan strategies are going to be in worse shape on incentive spending than the crossover brands."