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Hyundai preparing to enter US commercial vehicle market

The commercial van segment has been surprisingly hot in the US over the past few years with new or updated entries from Ford, Nissan, Mercedes-Benz and Ram. Now, it looks like we can add one more to that lineup because Hyundai plans to enter the market here, too. The decision is part of the brand's newly announced push into the commercial vehicle segment worldwide, according to Reuters. Hyundai intends to invest 2 trillion South Korean won ($1.8 billion) into the venture through 2020, and the Korean automaker expects the segment to grow by 30 percent annually worldwide over the next five years. Around 1.6 trillion won ($1.5 billion) of that goes towards development of new models and engines for the division. Another $363 million is for expansion of the company's Jeon-ju plant to build 100,000 units there each year. According to Reuters, there's no set timeline on the US introduction of these models yet. Hyundai already sells commercial vehicles in Korea and China but holds just 2.1 percent of the global market in the segment. Autoblog reached out to Hyundai Motor America to learn more, but company spokesperson Jim Trainor said via email, "It is too early to provide any more details concerning the sale of commercial vehicles in the US market." The company is already setting it sights on the European commercial segment with the HG350 (pictured above). It's offered as either a cargo van or flatbed and is meant to compete against market stalwarts like the Ford Transit and Mercedes Sprinter. Rather than this vehicle, the US might get one of Hyundai's newly developed models, though. The automaker previously suggested to Autoblog that it wasn't "seriously considering" the HG350 for this market, at least at that time. Hyundai Motor Plans to increase Jeon-ju Commercial Vehicle Plant capacity to 100,000 units • Hyundai Motor to invest KRW 2 trillion on commercial vehicle development and production until 2020 • New Pilot Center, Global Training Center expected in Jeon-ju plant • 1,000 new jobs to be created following the increased capacity February 16, 2015 – Hyundai Motor announced today that it will invest KRW 2 trillion over the next six years to enhance its global commercial vehicle competitiveness. KRW 1.6 trillion will be invested on developing new models and engines to strengthen global commercial vehicle competitiveness.

Genesis changes its mind on retail plans

Genesis will apparently open the doors to its nascent dealership network to all existing Hyundai dealers, reversing its earlier plan to launch a separate, much more limited retail network as a way to distinguish the brand. The brand's general manager, Erwin Raphael, told Hyundai's dealer council last week that Genesis would allow all Hyundai dealers the opportunity to sell the luxury brand in the U.S. That amounts to a 180 on plans announced in January, when the two-year-old spinoff said it planned to build out a network of about 100 Genesis retailers in around 48 mostly urban luxury markets, with first dibs on the franchises going to high-performing Hyundai dealers. The plan was to have separate branding, with the long-term goal of having them all operating out of standalone facilities after launching in temporary or shared showrooms. Per Automotive News, Genesis will no longer confine its sales to those 48 markets. All Hyundai dealerships will be able to apply to be licensed as Genesis dealers, though 2019 models will only be shipped to the newly franchised Genesis retailers. About 350 "elite" Hyundai dealerships that already sell the G80 and G90 sedans can continue to sell them, or take previously offered settlement money and move on. Those who become or remain Genesis dealers will have to sign new or separate franchise agreements that were expected to go out this week or next. Genesis will still require separate, standalone stores and service facilities. The news will likely please Hyundai dealers who have been frustrated or confused by Genesis's rollout strategy and are eager to play a role in the brand's growth. It also could provide a sales lift for Genesis, whose sales during the first four months of 2018 fell 17.5 percent to 5,390. They'll also be hoping for a boost when the compact G70 sedan launches this summer. Related Video:

Hyundai promoting younger execs in bid to 'smoothen an eventual leadership succession'

Experience versus the next generation. It's the decision any organization has to make when it comes to its succession of leadership. But even companies that value wisdom over vitality will eventually have to hand the reins to a new generation of leaders. And that seems to be what the Hyundai Motor Group is preparing for. The Korean automaker has promoted three executives in their early 50s to the rank of Executive Vice President. Chief marketing officer Cho Won-hong (50), PR chief Kong Young-woon (50) and Kim Gyun (52), head of strategic planning at Kia, are all being promoted to the role, putting them in senior leadership positions at one of the world's largest automakers. Reuters frames the promotions as earmarked to "smoothen an eventual leadership succession" at Hyundai. The family-owned company is currently chaired by Chung Mong-koo (76), who has given little indication that he's preparing to step down in the near future. But when he does, he's widely expected to relinquish control to his only son, current vice-chairman and former Kia president Chung Eui-sun (44, pictured), who is said to have chosen the aforementioned US-educated Cho for the promotion. News Source: ReutersImage Credit: SAMUEL KUBANI/AFP/Getty Hirings/Firings/Layoffs Hyundai Kia