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Hyundai Motor Group promotes heir apparent

SEOUL — Hyundai Motor Group promoted heir apparent Euisun Chung on Friday to a role of overseeing the conglomerate, moving him a step closer to succeeding his octogenarian father as head of South Korea's second largest group. Chung, 47, who will assist his father and group chairman Mong-Koo Chung, was appointed as executive vice chairman to respond to "deteriorating global trade issues and changes in competitive dynamics in major markets," Hyundai Motor Group said in a statement. Chaebols like Hyundai and Samsung Group, which have grown into global firms from the rubble of the 1950-1953 Korean War, are undergoing a transfer of power to third- or fourth-generation leaders. "In his new capacity, Executive Vice Chairman Euisun Chung will oversee the entire Group's operations, aiding and reporting to Chairman Mong-Koo Chung," the statement said. The appointment also comes as Hyundai battles tumbling profits, mounting pressure from activist shareholders to improve its governance, and amid South Korea's trade tensions with the United States that threaten to disrupt its production plans. "This is a good sign," Park Yoo-kyung, a director at Dutch pension fund APG Asset Management, said of the appointment. "This will enhance transparency about who is controlling the group and who is making key strategic decisions," she said. Generational shift The junior Chung, currently vice chairman of the group's crown jewel, Hyundai Motor Co, has stepped up in recent years, attending motor shows and government meetings with business leaders on behalf of his 80-year-old father who has made few public appearances. Shares in Hyundai Motor ended up 0.8 percent on Friday, and affiliate Kia Motors fell 0.3 percent in a wider market that rose 1.4 percent. Chairman Chung, the all-powerful boss, has presided over Hyundai for about two decades, transforming the company into the world's fifth-biggest car maker along with Kia Motors. Hyundai is now struggling to reverse slowing sales in China and the United States, where the company has suffered due to its delayed response to booming demand for SUVs. The appointment is part of an effort to "improve future competitiveness and secure future growth engines" at a time when the auto industry is undergoing major changes, the group said. The junior Chung has led the group's efforts to develop future vehicles such as autonomous and connected cars, as well as Hyundai's fledging premium brand Genesis.

The Kia Optima is now available as a plug-in hybrid

The Kia Optima gets electrified two ways for 2017. In addition to the conventional hybrid, there's a new plug-in version as well – makes sense, since the Optima's corporate sister, the Hyundai Sonata is offered with both options. The new Kia Optima Hybrid ditches the larger 2.4-liter internal combustion engine from the previous model in favor of a smaller 2.0, good for 154 horsepower, and mated to a six-speed automatic transmission that does away with the torque converter in favor of an electric clutch, with electric water and oil pumps to help optimize efficiency. Working in tandem with the 38-kW electric motor and juiced by a 1.62-kWh lithium-polymer battery pack, the powertrain delivers a total of 193 horsepower while targeting a 10 percent improvement in fuel efficiency over the previous Optima Hybrid. Not enough? Tew Optima PHEV that uses the same 2.0-liter four, but instead of 38 kW (51 hp), the plug-in's electric motor produces 50 kW (or 67 hp), and instead of 1.62 kWh, the PHEV's lithium-ion battery pack is rated exponentially higher at 9.8 kWh. It's said to travel for 600 miles before needing to stop, or up to 27 miles on electric power alone. And of course it can be recharged directly from the socket, taking less than nine hours on 120 volts and less than three on 240. If those powertrain components sound familiar to you, that's because they're identical to those offered in the Sonata Hybrid and Plug-In Hybrid from Kia's sister brand Hyundai. Only here they're packaged into a more angular, less curvy form and capped by a Kia badge and tiger-nose grille. Interested? There's plenty more to digest in the pair of press releases below. View 10 Photos ALL-NEW KIA OPTIMA HYBRID UNVEILED AT 2016 CHICAGO AUTO SHOW Enhanced HEV Blends Sophisticated Design and Premium Driving Experience with Focus on Efficiency - New powertrain targets 10 percent improvement in fuel economy over outgoing Optima Hybrid - 2017 model infuses aerodynamic form and function into Optima's sleek, modern design - Gas-electric sedan touts intelligent use of technology to deliver comprehensive driver-assistance features CHICAGO, Feb. 11, 2016 – Kia Motors America (KMA) today unveiled the 2017 Kia Optima Hybrid (HEV) at the Chicago Auto Show.

More than a half-million Hyundai, Kia compacts recalled for brake light problem

Hyundai and Kia will recall more than a half-million compact cars in the U.S. starting next year because of a brake-light problem. The recall covers more than 390,000 Hyundai Elantras from the 2013 and 2014 model years, and more than 134,000 Kia Forte cars from 2012 through 2014. The Associated Press, citing documents the companies filed with the federal government, reports that a polymer stopper pad between the brake pedal arm and the light switch can deteriorate and keep the brake lights on when the brakes aren't actually engaged. The problem also means a driver can shift out of park without stepping on the brake pedal. Neither automaker reported any crashes or injuries stemming from the issue. Dealers will replace the stopped pads starting Jan. 30 for Kia and Feb. 8 for Hyundai.Related Video: