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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.

A verified hit, Kia Soul EV will come to new markets

Today at the Chicago Auto Show, Kia introduced a new off-road Trailster plug-in concept, but the real-world news was all about how the Soul EV will be traveling to places it hasn't gone before. When Kia introduced the Soul EV in Chicago last year, it said that the car would some day be available in five states: California, Oregon, New York, New Jersey and Maryland. Today, company executives said the car will be coming to more markets – they just declined to mention where, exactly. The Soul EV is currently sold in just 17 dealerships in California, Orth Hedrick, vice president of product planning at Kia Motors America, told AutoblogGreen. "For the next stage, we were originally planning on hitting the east coast, but we are changing that around a little bit. You'll see more availability," he said. Hedrick said that the change was prompted by the simple fact that the Soul is attracting new customers. "We went back to the factory and told them it's doing very well and it's now expanded beyond an EV, it's something bigger," he said. "It's helping us get a dialogue with completely new, different customer that we normally wouldn't see in a Kia store. So we would like the opportunity to take it further." We asked if customer interest in the compliance car caught the company off guard. Hedrick said that wasn't quite the right way to look at the history of the Soul EV. "When we looked at it originally, we were trying to go beyond the compliance part," he said. "We understood, of course, that we had to do it, but we wanted to showcase something that was really strong for us, which is the Soul, and we thought it would help build out the Soul family and bring more people to see us and that's exactly what's happening. It was a little more than compliance but I think we were kind of shocked how well it was received. It's been a huge hit." "Huge" in this case means bigger than Kia's original production capacity estimates, he said, without getting into specifics. It was "significantly more than what we originally planned for," he said. The Soul EV is built in Korea and the car is sold there, the US and will be coming to Europe as well. "I don't think they're in a position to ramp up quickly," Hedrick said, "They're in the process of ramping up more and we'll have an announcement, we hope, by New York, about where we're going to go to." The New York Auto Show media days start April 1, 2015.

Editors’ Picks October 2022 | Electric trucks and some excellent SUVs

This month sees a bevy of totally new or totally redesigned cars gain Editors’ Pick status. Important EVs like the F-150 Lightning and GMC Hummer EV quickly jump into the list, and they do so with authority, as all our editors love these trucks. The Range Rover is always a superb experience, and this generation proves to be no different. Plus, the new generation of Kia Sportage continues to surprise and impress. In case you missed our previous Editors' Picks posts, hereÂ’s a quick refresher on whatÂ’s going on here. We rate all the new cars we drive with a 1-10 score. Cars that are exemplary in their respective segments get EditorsÂ’ Pick status. Those are the ones weÂ’d recommend to our friends, family and anybody whoÂ’s curious and asks the question. The list that youÂ’ll find below consists of every car we rated in October that earned an EditorsÂ’ Pick. 2022 GMC Hummer EV The Four-Wheel-Steer system lets the 2022 GMC HUMMER EV Pickup m View 17 Photos Quick take: The Hummer amazes as an electric supertruck with its wild acceleration, incredible off-road capability, luxuriousness and epic utility. It's far from a "green" eco-friendly vehicle, but that's not the point of this technological powerhouse. Score: 8.5 What it competes with: Rivian R1T, Ford F-150 Raptor R, Ram 1500 TRX Pros: Stupid quick, tons of tech, off-road capability in spades Cons: Not efficient, annoying in tight spaces, price From the editors: Road Test Editor Zac Palmer — "I don't think I've driven a more ridiculous vehicle this year, but that's sort of the point with the Hummer. There's a great argument against this sort of EV in that it doesn't live up to being an efficient and planet-friendly vehicle, but hey, that's not the point. The Hummer EV is a supertruck and wild technological masterpiece for off-roading in the same way that a mid-engine supercar is to track performance. It's not meant to be the EV everybody drives to work and back (mostly because few can afford it), but it serves as a line in the sand of what can be done with electric off-road trucks. This pickup rules, and if you can afford one, you're going to love it." Senior Editor, Green John Beltz Snyder — "This Hummer revival is a showcase of technology and capability on the part of GM, making it an absolute blast to drive and a joy to use.