2005 Hyundai Elantra 133k Miles. Shifts Smooth, Idles Rough. No Rust, But Dented on 2040-cars

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South Korea assists auto industry struggling with coronavirus fallout

SEOUL —  South Korea said on Monday it would provide logistical and financial support to help its auto industry through the coronavirus crisis, warning of disruptions to supply chains from Europe and the United States. The government said it would speed up customs clearance, arrange freight transportation and provide liquidity support for the industry, which employs about 12% of South KoreaÂ’s workforce, according to official figures. The coronavirus pandemic has led to shutdowns at auto factories and dealerships in the United States and Europe, which are expected to affect South Korean automakers such as Hyundai and Kia. “ItÂ’s time to prepare for the shock of a global demand contraction and European supply issues,” Industry Minister Sung Yoon-mo said in a meeting with parts supplier executives and industry associations, according to a readout from the ministry. “Survival is the most crucial thing in this unprecedented crisis when both demand and supply contract at the same time.” The ministry gave no details on how much liquidity support the government would provide or what form it might take. The assistance is part of 50 trillion won ($39 billion) in emergency financing announced last week to boost the economy. South Korea has reported 8,961 coronavirus cases and 110 deaths from the disease. Hyundai Motor closed its Montgomery, Alabama, assembly plant on Wednesday after an employee there tested positive for COVID-19. It also suspended production at its plants in the Czech Republic and India due to the coronavirus outbreak. Europe and the United States account for about 70% of Korean automakersÂ’ exports, and 54% of Korean parts exports, government data showed. A trade ministry official said South Korean exports would deteriorate in April and May, after rising 10% year-on-year in the first 20 days of March. Car exports rose 13.7% in the period, customs agency data showed on Monday. “For the time being, a drop in exports of cars and auto-parts are inevitable as car factories and dealerships are closing,” Sung said. South Korean automakers had stocked up on inventories which could last up to two months, Sung said. Related Video: Earnings/Financials Government/Legal Plants/Manufacturing Hyundai Kia coronavirus

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.

Hyundai adds tech to Blue Link, offers it free for 3 years

Hyundai has not only thrown more technology at its 2018 lineup, the tech will be less expensive. At the New York Auto Show, the South Korean automaker announced that Blue Link remote services will be free for three years on the 2017 Ioniq and on all 2018 models, starting with the Sonata, Elantra GT, and Santa Fe Sport. The remote services include all three packages currently offered as options with a Blue Link subscription: Connected Care, Remote, and Guidance. Among the included features are automatic collision notification, a monthly vehicle health report, remote lock and unlock, stolen vehicle recovery assistance, and remote start with climate control. That last function gets an update for 2018 that allows control of the rear defroster and heated side mirrors on the coming Sonata and Elantra GT. The whole shebang tallies 10 features in the Connected Care Package, 12 features in the Remote Package, and 3 features in the Guidance Package. But wait, there's more: the SD-card-based navigation maps get free downloads for three years. Blue Link subscribers can already access remote functions with a smartphone and a smartwatch. For 2018, Amazon Alexa (via the Tap, Echo, and Echo Dot) and Google Assistant (via the Google Home speaker) become control devices. You can tell either gadget to start your car and set the climate control, to send an address to the navigation system, or start and stop the charging of an Ioniq. Right now, if a new buyer subscribes to Blue Link, he gets three free months of the Remote and Guidance packages, and a free year of the Connected Care Package. After the trial, each package costs $99 per year. By offering the packages free for three years, Hyundai dangles a savings of nearly $750 in front of those who can wait for the new models. Be sure to read this accompanying post about the Sonata's design. Related Video: