2015 Kia Sportage Lx on 2040-cars

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Kia and CarMax pull LA Clipper sponsorships in wake of alleged Sterling comments

There's fallout across the automotive advertising world today as companies react to alarming, racially insensitive statements alleged to have been made Donald Sterling, owner of the NBA's Los Angeles Clippers franchise. Last Friday, entertainment website TMZ published excerpts from an audio recording, allegedly between Sterling and his girlfriend V. Stiviano, in which the Clippers owner said, among other things, that he didn't want her to bring black people to his games, including LA Lakers legend Magic Johnson. Sterling has yet to respond publicly to the allegations.
The story quickly gained steam over the weekend, and this Monday it has seen Kia Motors, auto sales website CarMax and insurance giant State Farm all pull sponsorship activities with the Clippers.
In a statement Kia said the alleged statements by Sterling were, "offensive and reprehensible," calling them "inconsistent with our views and values." Kia says it is "suspending" its advertising and sponsorship activities with the team, though has yet to clarify if that suspension includes commercials featuring NBA star and Clippers power forward Blake Griffin.

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.

A closer look at the 2015 Kia Soul EV

Kia is set to join the fully electric vehicle space this year, with the fresh-faced 2015 Soul EV. The all-electric Soul made its debut at the Chicago Auto Show earlier this month, and Autoblog west coast editor Michael Harley had a chance to speak with Orth Hedrick, Kia's vice president of product planning, about the new electrified hatchback. In its standard form, the Kia Soul offers tons a wealth of functionality with its upright packaging, and with a new 81-kilowatt electric motor underhood, the electric vehicle should be good for between 80 and 100 miles of driving range. Charging times vary from as long as 24 to five hours, depending on your setup, and Kia is partnering with Bosch, Leviton and AeroVironment to provide different charging solutions, depending on a customer's specific needs. Take another, closer look at the 2015 Kia Soul EV in the video, below.