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Kia Optima Hybrid and Plug-In detailed ahead of launch

Kia wants to be a leader in the green car world in the next five years, and the global launch of the Optima Plug-in Hybrid (pictured above) is an early step in that $10.2 billion plan. The company also has tech updates ready for the Optima Hybrid. However, both new models essentially copy Hyundai's latest improvements for the Sonata Hybrid and PHEV. According to a UK press release, the Optima PHEV will arrive in some global markets in the second half of 2016 with a 9.8-kWh lithium-polymer battery and a 67-horsepower electric motor – just like the 2016 Sonata PHEV. Kia will also aim for an EV range of 27 miles. There will be a 2.0-liter four-cylinder with 154 horsepower and 140 pound-feet under the hood for a total system output of 202 hp, and power will get to the road through a six-speed automatic. The company will expect its Hyundai sibling's 99 US mpge fuel economy, too. The PHEV will wear a few unique parts like a charging panel at the front of the driver's side, chrome side sills, and different wheels. Updated instruments will provide info about the electric powertrain, and a charge indicator on the dashboard that will let drivers check the status even when outside the sedan. The updates for the Optima Hybrid will also generally follow the electrified Sonata with a 2.0-liter four-cylinder, 51-hp electric motor, and total output of 192 hp. It will go on sale in "the majority of Kia's global markets in the first half of 2016," according to the release. However, we don't yet know whether the US will be one of those regions. Autoblog asked Kia Motor America spokesperson James Hope about both of these vehicles, and he told us: "KMA has made no announcement regarding the Optima hybrid. We will have more to share at a later date." HYBRID FUTURE PLANNED FOR NEXT GENERATION KIA OPTIMA New Optima range will include Hybrid and Plug-in Hybrid models Optima PHEV to combine high-capacity batteries with 2.0-litre GDI engine, offering more electric range than any other PHEV saloon Targeting 10% greater fuel economy for new Optima Hybrid Kia aims to improve average fuel efficiency by 25% over 2014 by 2020 Kia Motors has today revealed details of a range of advanced new powertrains planned for the all-new Optima, as part of the company's ongoing commitment to broaden its global range of low-emission vehicles.

S. Korea to raise concerns about EV credits, battery sourcing in U.S. visit

SEOUL — South Korean officials will meet U.S. counterparts this week to express "concerns" about the Inflation Reduction Act, which restricts who can receive U.S. subsidies for the production of electric vehicles and where firms can source battery materials. President Joe Biden signed into law this month a $430 billion bill, seen as the biggest climate package in U.S. history. The law requires that EVs be assembled in North America to qualify for tax credits, ending subsidies for several EV models, and that a percentage of critical minerals used in batteries come from the United States or an American free-trade partner. Automakers like Hyundai Motor face short-term competitive disadvantage to manufacturers of EVs that receive tax credits in the United States, while industry sources said Korean battery makers must make changes to mineral sourcing routes, which could affect cost adversely. South Korean officials are expected to tell counterparts from the U.S. Trade Representative's office and the U.S. Treasury that the new law may violate trade norms such as the U.S.-South Korea free trade agreement and the WTO agreement, the industry ministry said. Korean automakers will consider adjusting production plans to prioritize the construction of U.S. plants for example, the ministry said, while battery makers will seek to diversify where they source minerals from. Under new rules to kick in next year, at least 40% of the monetary value of the critical minerals in batteries will need to come from the United States or an American free-trade partner, with that proportion rising to 80% by 2027. Globally, the treatment of some 58% of lithium, 64% of cobalt and 70% of graphite goes through China, according to ministry data. FALLOUT The new rules are a major complication for battery makers LG Energy Solution (LGES), SK On and Samsung SDI, battery industry sources said. South Korea's LGES supplies Tesla and General Motors, while SK On and Samsung SDI supply Ford Motor and Volkswagen among others. The three battery makers together command more than a quarter of the global EV battery market, according to SNE Research. "It's become a huge headache ... Automaker clients said they didn't expect this new law would take effect this soon," said a South Korean battery industry source.

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.