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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.

Genesis bringing an EV concept and G90 to New York Auto Show

It's official, the entire Hyundai Group has plans for the New York Auto Show. During the Hyundai Sonata press launch in South Korea, design head Luc Donckerwolke told Roadshow "You'll have an electric show car for Genesis." This year will be the charm for Genesis and EVs, after showing the GV80 SUV concept and its hydrogen fuel cell powertrain in 2017, and the electric Essentia coupe concept last year. We will also see the production version of the U.S. market Genesis G90 and its mongo grille. The premium brand's debuts will join the new Sonata sedan and Venue crossover, and an as-yet-unnamed Kia show car expected to be our version of the SP Signature concept potentially called Tusker. Hyundai-Kia isn't getting its electric razzle dazzle ready for New York alone. Auto Express reports the group is working on a new electric car platform to serve the carmaker the same way Volkswagen's MEB architecture serves the German group's brands. At the moment, the only four EVs in the South Korean automaker's range are the Hyundai Kona and Ioniq, and the Kia e-Niro and Soul. They are all built on ICE platforms, the Kona and e-Niro still proving popular enough for this year's planned UK-market production to sell out already. According to a "company insider," the dedicated EV platform is around two years away and will focus on B- and C-segment cars. That's the same year that Genesis is expected to have its EV ready, but unless the luxury arm has plans to dip its grille into C-segment waters, Genesis likely has other EV platform plans. By 2025, Hyundai and Kia have said they'll have 14 EVs in the combined lineup as part of 38 electrified offerings. Whatever's on the way could prove far more radical than today's offerings. Donckerwolke told Auto Express that in order to attract the future EV buyers that aren't necessarily car people, "[You] have to ask whether you want science fiction or whether you want to conform. We can create something that doesn't appeal to someone in the traditional sense." If the head designer gets his way, 3D-printing will help whip up those attractions. Last year's Essentia concept showed off 3D-printed carbon fiber ornament, but the potential goes much further.

Kia launches 1.0-liter engine in Europe

As emissions regulations get tighter around the world, the automotive industry is seeing a proliferation of small, turbocharged engines to keep up. Kia is hopping into this field, at least in Europe, with its newly announced 1.0-liter turbocharged three-cylinder, and the mill debuts at the upcoming 2015 Geneva Motor Show in the Cee'd GT Line (pictured right). Kia's turbocharged three-cylinder makes 118 horsepower and 127 pound-feet of torque in the Cee'd and goes on sale in the fourth quarter of 2014 across the pond. The Korean brand says that the engine will be offered in more of its products there, but won't announce them until later. The engine is still subject to emissions and fuel economy certification in Europe, but Kia's goal is for it to have 10-15 percent better economy than the current 1.6-liter, direct-injected four-cylinder. To make those goals a reality, the company packs the three-cylinder with technology. Laser-drilled fuel-injection holes provide a more even mixture, and the heads and block have separate thermostats to let them be cooled independently, a decision that allows engineers to tune the temperature of the two parts separately to maximize efficiency. Also, the exhaust manifold is integrated into the design to further lower temperatures. On the Cee'd GT Line, the powertrain gets stop/start, as well. While the Ford Fiesta shows that small engines can work in the US by offering the 1.0-liter EcoBoost with 123 hp and 148 lb-ft of twist, don't expect Kia to try it here anytime soon. Company spokesperson James Hope told Autoblog, "We're always studying the market, but there are no plans at the moment" to bring the mill here. WORLD PRODUCTION PREMIERE FOR KIA'S NEW 1.0-LITRE TURBOCHARGED THREE-CYLINDER 'KAPPA' ENGINE World premiere for Kia's new downsized 1.0-litre T-GDi engine Developed in-house at Kia's Namyang R&D centre Newly-developed laser-drilled injectors enable more efficient combustion Single-scroll turbocharger with electric scavenging system Innovation dual-thermostat cooling for cylinder heads and engine block Kia's all-new 1.0-litre T-GDi (turbo gasoline direct injection) 'Kappa' engine will make its world production debut at the 85th Salon International de l'Automobile in Geneva on 3 March 2015. Kia's new T-GDi Kappa engine embraces the industry trend towards smaller capacity, higher efficiency units which consume less fuel and emit fewer emissions – while still delivering responsive performance.