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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.

Kia America shuffles executives

Kia announced a sudden and massive shuffle of its most senior executives in North America, including the resignation of its CEO and new roles for some of his top lieutenants. The biggest change is the departure of Byung Mo Ahn, who had until now served as both CEO of Kia Motors America and head of the company's manufacturing operations in Georgia, as well as a group vice chairman. Ahn is stepping down from all three positions with immediate effect, but will stay on in an advisory capacity. In his place, Jang Won Sohn moves from his previous post as a senior vice president at the home office to take over Kia Motors America. The task of running Kia Motors Manufacturing Georgia will fall to Hyun Jong Shin, currently the plant's executive vice president and chief operating officer. Along with those replacements, Kia promoted Michael Sprague (pictured) to the newly created position of COO and executive vice president for Kia Motors America – a step up from his current title as EVP of sales and marketing. He reports directly to Sohn and takes over responsibility for product planning as well as sales, marketing and service. KIA MOTORS AMERICA STATEMENT REGARDING ORGANIZATIONAL CHANGES Effective immediately, the Group Vice Chairman and CEO of Kia Motors America (KMA) and Kia Motors Manufacturing Georgia (KMMG), Byung Mo Ahn, has left these positions and will become a company advisor. Jang Won Sohn, formerly a Senior Vice President at KMC, assumes the position of President and CEO of KMA, and Hyun Jong Shin, formerly KMMG's Executive Vice President and Chief Operating Officer, assumes the position of President and CEO of KMMG. Michael Sprague, formerly KMA's Executive Vice President of Sales and Marketing, has been appointed to the newly created position of Chief Operating Officer and EVP of KMA, reporting directly to Mr. Sohn, and will serve as the central point of contact for all sales, marketing, service and product planning functions.

Hyundai shoots down the rumor claiming it is done developing engines

Hyundai has clarified that the recent rumor claiming it had stopped developing gasoline- and diesel-burning engines to focus on various forms of electrifications is false. It said that development work remains on-going and that the internal combustion engine still has a future. "Hyundai Motor Group can confirm that it is not halting the development of its engines following recent media speculation. The Group is dedicated to providing a strong portfolio of powertrains to its global customers, which includes a combination of highly efficient engines and zero-emissions electric motors," said senior group manager Michael Stewart in an interview with Motor1. The report that emerged in late 2021 claimed that the Hyundai Group (which includes the Hyundai brand, Kia, and Genesis, among other entities) had completely stopped designing piston-powered engines to focus on electrification. It claimed that most of the engineers had been assigned new roles related to electrification, though it also noted that some were staying behind to continue refining the technology. If this sounds familiar, it's likely because Hyundai recently shot down a separate but similar rumor that said it had put the hydrogen-electric powertrain it planned to install in many of its cars (including some upmarket Genesis models) on hiatus. The carmaker explained that it has merely reshuffled the team that's developing the technology because unspecified technical hurdles have slowed down the project. Several electric Hyundai models are in the pipeline, including the production version of the Prophecy concept unveiled in 2020 and a relatively big SUV previewed by the 2021 Seven concept. But, its comments suggest that more gasoline-powered models are on the way as well, which is great news; its range of N-tuned high-performance models includes excellent cars and there's still room for it to grow. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.