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Hyundai reveals CEO's pay for first time ever

Thanks to some government pressure, Hyundai's billionaire chairman, Chung Mong Koo, has revealed just how much he gets paid each year. Honestly, the amount is a bit lower than we'd expect considering he helms such a huge industrial empire. The 76-year-old chairman brought home $13 million in 2013, $5.2 million of which came from Hyundai's automotive business while both Mobis and Hyundai Steel chipped in $3.94 million, each. For reference, Ford CEO Alan Mulally netted $23.2 million in 2013, although the vast majority of that money came from stock options.
The push for Chung to reveal his pay was part of a larger effort by the South Korean government called the Financial Investment Services and Capital Markets Act. The act forces several thousand companies to release info on annual pay, bonuses and severance for employees earning over $5 million won ($469,000), according to Bloomberg.
"With the disclosure of the executives' compensation, the pressure to deliver better profits will increase," said Heo Pil Seok, the CEO of Midas International Asset Management. It seems to be working, as Hyundai shareholders, of which Midas is one, have seen their shares increase by 6.1 percent in 2014, which includes a 1.2-percent jump as of yesterday, according to Bloomberg.

Hyundai's Genesis G90 stretches out back home in Korea

Hyundai is getting serious about competing in the luxury market with the launch of its expanded Genesis line. And in the Far East it calls home, that means stretched limousines. Enter the new EQ900L. The Korean automaker's new luxury flagship stretches the wheelbase of the vehicle we now know as the Genesis G90 – or as the Equus in its previous iteration – by an extra 11.4 inches to give the top executives at Samsung and LG extra room to stretch out while in transit from the office to the Psy concert. The elongated cabin space also allows for first-class reclining rear seats, adjustable in 18 directions and upholstered in semi-aniline leather. A long center console runs the entire length of the cabin loaded with everything from ambient lighting to a Lexicon sound system. The same 5.0-liter Tau V8 still provides motivation, channeling 425 horsepower through an eight-speed automatic transmission to all four of the 19-inch wheels. That may not be enough to keep pace with the V12-powered Mercedes-Maybach S600 we get here, but it comes close to the S500 version sold overseas. Unfortunately for those of us living outside of Korea, the EQ900L is only being offered in its domestic market for the time being, where titans of industry can pick one up for 100 million won – equivalent to $84,000 at current exchange rates. Related Video:

Hyundai calling in 65k Sonatas over ABS warning light

A problem with the ABS warning light has prompted Hyundai to issue a recall for nearly 65,000 examples of the Sonata sedan. The issue seeks to rectify an issue that would prevent a warning light in the dash from alerting the driver of a malfunction with the anti-lock brakes. The recall campaign specifically affects 2015-16 Sonatas manufactured between May 28, 2014, and August 21, 2015. Hyundai estimates that 64,744 such examples are to be found in the United States. If the warning light doesn't illuminate, the driver may not be aware that there's a problem with the ABS. And, according to the statement below from the National Highway Traffic Safety Administration, that could increase the likelihood of a crash. To fix the issue, Hyundai will notify owners to bring their Sonatas in to their local dealership to have the software in the control unit updated. The recall is scheduled to commence on December 11. Related Video: RECALL Subject : ABS Warning Lamp May Not Illuminate/FMVSS 135 Report Receipt Date: OCT 20, 2015 NHTSA Campaign Number: 15V678000 Component(s): ELECTRICAL SYSTEM Potential Number of Units Affected: 64,744 Manufacturer: Hyundai Motor America SUMMARY: Hyundai Motor America (Hyundai) is recalling certain model year 2015-2016 Sonata vehicles manufactured May 28, 2014, to August 21, 2015. The affected vehicles are equipped with an Antilock Braking System (ABS) warning light intended to warn the driver if there is an ABS malfunction. In the event of an ABS malfunction, the Brake System warning light will illuminate, but the ABS warning light will not illuminate. Since the vehicles have ABS malfunction lights that do not illuminate, these vehicles fail to comply with the requirements of Federal Motor Vehicle Safety Standard (FMVSS) number 135, "Light Vehicle Brake Systems." CONSEQUENCE: If the driver is alerted there is a brake system malfunction, but not specifically with the ABS system, the driver may operate the vehicle unaware that the vehicle's brakes may lock up during hard braking, increasing the risk of a crash. REMEDY: Hyundai will notify owners, and dealers will update the ABS control unit software, free of charge. The recall is expected to begin December 11, 2015. Owners may contact Hyundai customer service at 1-855-671-3059. Hyundai's number for this recall is 134. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.