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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.

Here's what else you could buy for the average new-car price of $40,573

Autoblog may receive a share from purchases made via links on this page. Pricing and availability are subject to change. The average price of a new car in America hit a new record in December 2020: $40,573. Not that we're surprised — the average has been over $35,000 for the past few years — but seeing that baseline figure crest 40 large is still a sticker-shock to the system. So, as we do every once in a while, we put our collective heads together and came up with a list of alternatives that you could choose to buy for that sum, new or old, classic or practical. Now, let's be crystal clear about one thing here. We're not actually recommending you make this type of decision. That said, we wouldn't blame you if you did. Managing Editor Greg Rasa: $40,000 will buy a fully loaded Camry or moderately equipped crossover. Or, for $39,997, to be exact, one could go motoring in a fine British automobile. This 2006 Aston Martin DB9 Volante in Alabama has 21,452 miles on it, and depreciation has worked its cruel magic: It is listed for less than one-quarter of its $168,000 starting MSRP when it was new. A check of other used DB9s nationwide indicates this is a fair price. This Aston's CarFax reveals two owners. (One, really, as the second was a dealership. Looks like it got traded in for a Porsche.) If you're understandably concerned about reliability, its service history indicates no surprises to date. Remember, it has a 450-horsepower 5.9-liter V12. And spring is coming. Of course a used Aston Martin is riskier than a new Camry. But as Louis Prima sang, "Enjoy yourself, it's later than you think." What price beauty? Less than $40 grand. Associate Editor Byron Hurd: This price point opens up a ton of options in the "nearly new" luxury space, including a few good enthusiast picks, but my nod here goes to the Cadillac ATS-V. The discontinued, M3/M4-rivaling, 465-horsepower sport sedan and coupe can be had all day long in this price range with low miles. In fact, the real challenge is finding one in the spec you want, since it's one of those old-fashioned cars that actually presented the buyer with choices. Here's a clean, six-speed sedan in an actual color for less than our target price, for example. Coupes are more plentiful than sedans, especially in interesting colors, but there are plenty of them out there.

Kia rolls out updated Forte, Forte5 for 2017

Kia has updated the Forte sedan and Forte5 hatchback for the 2017 model year. Set to debut this week at the 2016 Detroit Auto Show, the revisions revolve principally around updated exterior design and interior equipment. But there are a few mechanical updates as well. We saw most of the stylistic updates when Kia revealed the new K3 back in Korea a month ago. The new Forte (as we know it on this side of the world) is distinguished by a new front bumper design and what Kia calls the "tiger-nose" grille that blends into the new headlights, much like the new Optima. There are new taillights as well, and a revised interior centered around a seven-inch touchscreen display that will soon offer Apple CarPlay and Android Auto compatibility. Under the hood, Kia has replaced the 1.8-liter four with a new 2.0, mated to either a six-speed manual or a new six-speed automatic transmission. There are new driver assistance systems as well, and the Korean automaker has added a new mid-level S trim in between the base LX and top EX models, with a sport-tuned suspension, 16-inch alloys, LED daytime running lights, a rear spoiler, and chrome exhaust tip. The revised Forte sedan will be the first new model produced at Kia's new plat in Monterey, Mexico. Pricing will be announced closer to launch in the next couple of months, as will a revised two-door Forte Koup, but Kia has also announced a revised Forte5 for 2017. The hatchback features similar cosmetic updates to the sedan. The 2.0-liter four carries over unchanged, as does the punchier 1.6-liter turbo, which can now be had with a new seven-speed DCT. That engine comes in the sporty SX model, which serves as the top of the three-trim line. Scope out the full details in the pair of press releases below. 2017 Forte overview - Compact Sedan Receives Updated Design, New Powertrain and Advanced Tech, Including Android Auto and Apple Car PlayTM - 2017 Forte adds 2.0-liter engine, plus updated six-speed automatic transmission - Advanced driver assistance features including Autonomous Emergency Braking, Rear Cross Traffic Alert, Front Collision Warning, and Dynamic Bending Lights3 are newly available - Sporty S trim pumps up Forte's sport factor with exclusive interior and features Irvine, Calif., Jan. 11, 2015 – The Motor City today got an up close look at the refreshed 2017 Forte when Kia Motors America pulled the silk off the updated compact sedan at the North American International Auto Show in Detroit.