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Hyundai Motor reassigns 17 top execs to make way for fresh ideas

SEOUL — South Korean conglomerate Hyundai Motor Group shook up its executive ranks on Tuesday and appointed its first foreign head of research and development, raising expectations of a smooth transition of power at the family-run business empire. The reshuffle, first reported by Reuters on Tuesday and confirmed by Hyundai on Wednesday, is part of preparations for generational change in the executive ranks at South Korea's second-largest family-owned business empire. Group President Albert Biermann, a German former BMW executive, was named head of research and development, replacing longtime executives Yang Woong-chul and Kwon Moon-sik. The move was seen as a significant step to bring in fresh ideas at the Korean-dominated group. In all, 17 top executives were reassigned across the group including at Hyundai Motor Co and Kia Motors Corp — which together form the fifth-biggest automaker in the world. The move follows the promotion of Euisun Chung in September to Hyundai Motor's executive vice chairman, moving him closer to succeeding his 80-year-old father, Mong-Koo Chung, as group chairman. It comes as Hyundai Motor Co battles to reverse falling profits as a result of U.S. recall costs and weak sales in the U.S. and Chinese markets. Hyundai Motor Co shares jumped as much as 9 percent to their highest level since Oct. 10, while shares in affiliates like Hyundai Mobis, Hyundai Wia and Hyundai Glovis also rallied. While the announcement by Hyundai on Tuesday of a major investment in fuel cell production also lifted sentiment, analysts said most of the share price rise could be attributed to the leadership changes. In particular, it signaled that the junior Chung was making progress with his plans to restructure the sprawling group after a previous plan was scrapped due to opposition from U.S. hedge fund Elliott. "The reshuffle signals that the junior Chung is tightening his grip on the conglomerate, a move which raises investors' hopes for change," said Kim Joon-sung, an analyst at Meritz Securities. Ascendance of outsiders In a sign that Chairman Chung's grip may be weakening, one of his closest lieutenants, Hyundai Motor Co Vice Chairman Kim Yong-hwan, was reassigned away from the core automaker and named vice chairman of steelmaking affiliate Hyundai Steel.

Kia plies SEMA attendees with beer and ice cream food trucks

Kia's 2014 SEMA Show theme is "A Day At The Races," and in addition to a very powerful K900 luxury sedan, the company has revealed several vehicles that would make any day at the track more comfortable - and tasty.
The Ballast Point Sedona is a complete about-face for Kia's minivan, turning the family hauler into a beer truck for infield parties. As the name implies, the Sedona features beer on tap from the Ballast Point, a San Diego-based craft brewery. The vehicle also has restaurant-grade stainless steel counters, extra space for kegs and audio speakers integrated into the roof.
After seeing this Sedona, we actually now kinda like the idea of a minivan-based truck model. Are we nuts?

Next-generation Kia Optima spied for the first time

On the heels of the completely redesigned Hyundai Sonata, one of our spy photographers has finally caught the next-generation 2021 Kia Optima out testing. It makes sense the family sedan would appear soon, since it will undoubtedly be based on the Sonata just like past Optimas. Unlike the Sonata, though, the new Optima looks like a very evolutionary design. The headlights are still wide and low in the nose. The "tiger nose" grille sits between the lights. It looks as though the grille may be a bit thinner than on the current model. The overall profile is still similar to the current model and the Kia Stinger, and it appears Kia will continue to have some interesting lines connecting the rear pillars and the roof. Among the subtle differences are a revised greenhouse. The pieces of glass just ahead of the C-pillars follow the curve of the roof more than the somewhat upright pieces on the current car. The rear taillights, though still thin and wide, now appear to protrude from the rear. This particular version also appears to have fake tail pipes. Though this is the first time we've seen the Optima, and it's still well-camouflaged, we expect to see the car revealed sometime next year. The reason is that the Sonata it's based on is nearly on sale, so a lot of the Optima's development is probably finished. It will likely share the Sonata's powertrains, which for now include a 191-horsepower naturally aspirated 2.5-liter 4-cylinder and a 180-horsepower turbocharged 1.6-liter 4-cylinder. Each of these is mated to an eight-speed automatic. A more powerful turbo four-cylinder should be available in the near future.