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Hyundai spooks investors by paying $10B for new Gangnam HQ location

Doing things Gangnam style apparently costs a serious chunk of change, because Hyundai is reportedly paying roughly $10 billion for 19.6 acres (79,342 square meters) of land in the trendy district of Seoul, South Korea, to serve as the location for its new headquarters. That eye-popping number represents the highest amount ever paid for a plot of land in South Korea, according to Reuters. The hefty price tag reportedly scared investors enough for stock prices to sink dramatically.
Shareholders were apparently upset because the massive outlay could instead have been put back into the company for research and development or other improvements. Instead, the company reportedly bid triple the land's appraised value, says Reuters. The announcement caused Hyundai's stock price to plummet a massive 9 percent, and there were losses from Kia and the company's parts arm, as well. All told, the three of them lost nearly $8 billion in value from the falling share prices - almost enough to pay for the controversial land.
Hyundai currently has its headquarters on the outskirts of Seoul, but seems keen to move to the high-end Gangnam district to show off its rising status. It plans to build a new office complex, hotel, convention center and theme park on the site. According to an analyst speaking to Reuters, that could all cost an additional $6 billion to complete.

Hyundai Q1 profit triples, as it adjusts production due to chip shortage

  SEOUL — Hyundai Motor Co posted a first-quarter profit that nearly tripled to its highest in four years as people bought its luxury cars, but warned it would have to adjust production again in May because of a chip shortage. Unlike its rivals, the South Korean automaker staved off production halts in the first quarter, thanks to a healthy chip inventory. But the shortage, exacerbated by factors including a fire at a chip factory in Japan and storms in Texas, is now catching up with Hyundai. Hyundai, which has lagged its rivals in the electric vehicle (EV) race, also said on Thursday that it was developing solid-state batteries and planned to mass produce EVs using solid state batteries in 2030. In February, Hyundai launched its Ioniq 5 electric midsize crossover, the first in a planned family of EVs that it hopes will propel it into the third rank of global EV makers by 2025. Hyundai Motor and Kia together aim to sell 1 million EVs in 2025. In the quarter ended March 31, Hyundai was unscathed as people at home and the United States snapped up its high-margin sports-utility vehicles and premium Genesis cars as the coronavirus pandemic dragged on, fueling car ownership. Net profit surged 187% to 1.3 trillion won ($1.16 billion) from 463 billion a year earlier, when business slumped as countries shut down to limit the spread of the coronavirus. This was in line with an average Refinitiv SmartEstimate. Revenue rose 8.2% to 27.4 trillion won. Hyundai is expected to report net profit of 1.4 trillion won for the April-June period, up 536% from the corresponding period a year earlier, Refinitiv SmartEstimate showed. Hyundai affiliate Kia Corp reported operating profit of 1.1 trillion won for January-March, up 142% on the year. Hyundai, which together with Kia is among the world's top 10 automakers by sales, has temporarily paused production three times since the beginning of this month and saved chips for its most popular models. "The condition of semiconductor parts is being a little more prolonged than we expected," said Seo Gang-hyun, an executive vice president at Hyundai. "As the semiconductor procurement condition is rapidly changing, it's difficult to predict production status after May.

Kia recalls 260k Souls for possible steering failure

Kia will recall 256,459 examples of the 2014-2016 Soul and Soul EV for a steering failure problem. The affected models have production dates between Jan. 18, 2014, and Sept. 30, 2015. According to a chronology (as a PDF) posted by the National Highway Traffic Safety Administration, there are five warranty claims from this issue as of Oct. 29 but no reports of accidents or injuries. On these hatchbacks, the adhesive that secures the steering pinion gear and the steering gear assembly can potentially separate, and if this happens drivers lose control. Dealers will inspect the affected vehicles and replace the pinion plug if necessary. They'll also install a set bolt to further reinforce things. The campaign will begin Dec. 22. RECALL Subject : Steering Gear may Separate Report Receipt Date: NOV 06, 2015 NHTSA Campaign Number: 15V736000 Component(s): STEERING Potential Number of Units Affected: 256,459 All Products Associated with this Recall Vehicle Make Model Model Year(s) KIA SOUL 2014-2016 Details Manufacturer: Kia Motors America SUMMARY: Kia Motors America (Kia) is recalling certain model year 2014-2016 Kia Soul and Soul EV vehicles manufactured January 18, 2014, to September 30, 2015. In the affected vehicles, the adhesive used to secure the steering pinion gear to the steering gear assembly may have insufficient strength, and as a result, the pinion gear may separate from the steering gear assembly. CONSEQUENCE: If the pinion gear separates, there would be a loss of steering which could increase the risk of a crash. REMEDY: Kia will notify owners, and dealers will inspect and, if necessary, replace the pinion plug that secures the pinion gear. Dealers will also install a set bolt for additional reinforcement. These repairs will be performed free of charge. The recall is expected to begin December 22, 2015. Owners may contact Kia customer service at 1-800-333-4542. Kia's number for this recall is SC125. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov. Related Video: