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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.

2016 Kia Optima builds on third-gen car's sense of style, efficiency

When Hyundai launched the sixth-generation Sonata in 2009, it gave the world its first real taste of how good a Korean car could be. When Kia launched the redesigned Optima a year later, though, it showed the world just how good a Korean car could look. The handsome design of third-generation car has translated wonderfully to its fourth generation. The attractive sheet metal is evolutionary, rather than revolutionary, building on the looks of the previous car, with Kia's trademark grille treatment stretched wide, and better integrated with the headlights. Vertical foglight surrounds and an independent lower grille, meanwhile, make for a more aggressive fascia. LED taillights, an integrated diffuser and a pair of meaty oval exhausts are the highlights in back. Once again, the links to the current car are quite clear. The new Optima should boast some improvements to the current car's technology, as well. A six-speaker stereo is standard, although audiophiles will flock to the optional 14-speaker Infinity unit. Connectivity, being what it is, was also addressed, with Kia offering a new version of the company's UVO infotainment system. Running on an eight-inch touchscreen, the Optima's latest infotainment system integrates neatly with both Android Lollipop and iOS 8. Under hood, Kia will continue to offer a standard, naturally aspirated 2.4-liter four-cylinder, as well as an optional 2.0-liter, turbocharged four-cylinder. Power for both engines is estimated to be down compared to the current car, with the 2.4 dropping from 192 horsepower and 181 pound-feet of torque to 185 hp and 178 lb-ft, and the 2.0T losing 27 of its 274 hp and nine of its 269 lb-ft. Kia is claiming that both engines have been retuned for fuel economy, although it wasn't able to provide any figures to back up that argument. On top of the 2.4 and 2.0T, Kia will also offer a 1.6-liter, turbocharged four-cylinder, complete with the company's first seven-speed dual-clutch transmission (the previous two engines are mated to six-speed autoboxes). The 1.6, which Hyundai/Kia fans will know from the Veloster Turbo and Forte range, produces 178 hp in the Optima, which is paired with 195 lb-ft of torque. Have a look at the images of the all-new Optima, and then scroll below for the official press release.

Hyundai to buy electric vehicle batteries from SK Innovation, according to report

SEOUL — Hyundai Motor and affiliate Kia Motors have decided to secure electric vehicle batteries from SK Innovation for the next four to five years, Maeil Business Newspaper said on Friday, citing industry sources. The sources said the deal was worth more than 10 trillion won ($8.6 billion). SK Innovation, Hyundai Motor and Kia declined to comment. Hyundai Motor said in October it would launch 16 EV models by 2025, aiming to boost EV sales 560,000 by then, a level that would be equivalent to more than 10% of its projected global sales this year. Reporting by Hyunjoo Jin. Related Video: