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Hyundai, Kia announce buyback plan for angry Korean investors

Hyundai's controversial decision last September to move its Korean headquarters to an expansive (and expensive) new facility was met with a swift backlash by shareholders. After making the biggest land purchase in South Korean history, the company's share price took a nine-point nose dive.
Now, in a bid to get back in the good graces of its stockholders, Hyundai and its subsidiary, Kia, will make a $615-million stock buyback plan. Reuters claims this is the first time in ten years that Hyundai has made a buyback offer with the explicit purpose of pumping up share prices.
The total deal bumped up Hyundai's share prices 5.7 percent while Kia is up two percent, although neither company has fully recovered from the battering that followed the headquarters announcement. It's unclear what else it will take for Hyundai to recover the ground it lost during the land deal.

Hyundai recalls Santa Fe Sport for seatbelt warning light

The Basics: Hyundai will recall 34,200 examples of the 2016 and 2017 Santa Fe Sport with production dates between September 1, 2015 and February 12, 2016. The Problem: The front seats' height adjuster mechanism can damage the wiring that controls the seatbelt warning. If this occurs, then owners wouldn't get an audible reminder to buckle up. The problem puts the vehicles out of compliance Federal Motor Vehicle Safety Standard. The Fix: Dealers will inspect and reroute the wires to the proper location If You Own One: Hyundai will begin the recall on May 6. RECALL Subject : Absence of Front Seat Belt Audible Warning Report Receipt Date: MAR 10, 2016 NHTSA Campaign Number: 16V145000 Component(s): SEAT BELTS Potential Number of Units Affected: 34,200 All Products Associated with this Recall Vehicle Make Model Model Year(s) HYUNDAISANTA FE2016-2017 Details Manufacturer: Hyundai Motor America SUMMARY: Hyundai Motor America (Hyundai) is recalling certain model year 2016-2017 Santa Fe vehicles manufactured September 1, 2015 to February 12, 2016. In the affected vehicles, the wires in the front seat belt buckle harnesses may be damaged by the seat's height adjuster mechanism, resulting in a failure to provide an audible warning when front seat occupants do not fasten their seat belts. As such, these vehicles fail to comply with the requirements of the Federal Motor Vehicle Safety Standard (FMVSS) number 208, "Occupant Crash Protection." CONSEQUENCE: Without a warning to remind the front seat occupants that their seat belts are not buckled, they may forget to buckle their seat belt, increasing their risk of injury in the event of a crash. REMEDY: Hyundai will notify owners, and dealers will inspect and reroute the wires in the front seat belt buckle harnesses to their proper locations, as necessary, free of charge. The recall is expected to begin May 6, 2016. Owners may contact Hyundai customer service at 1-800-633-5151. Hyundai's number for this recall is 141. 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.

Hyundai crashes two Sonatas in public to prove a point about safety

According to The Korean Car Blog, Hyundai has a quality perception gap in the minds of its domestic customers, but it's not with another brand: some South Koreans think US-market Hyundai products are safer than those sold in South Korea. For example, home-market consumers think the US gets more advanced airbag systems than they do. Hyundai decided that the best way to combat that idea was to ram two 2015 Sonata 2.0 Turbos into one another, each one traveling at 34 miles per hour, in front of a live audience. From what we can glean from a Google-translated version of the backstory, the company had a local university professor secure two vehicles, a Lakeside Blue model from South Korea and a Venetian Red model manufactured in the company's US plant and flown over. It invited buyers of the 30th Anniversary Sonata and members of the local media to a drive-in movie premiere on August 22, the show actually being the crash test. In addition to the two Sonatas that would autonomously throw themselves at one another, the company had a Tucson Fuel Cell use its hydrogen fuel cell stack to make popcorn and 119 various emergency vehicles emergency services on standby in case anything went wrong. When guests were asked which car they thought would fare better, 74 percent of the crowd said the US-spec car. In interviews conducted on the street, 81 percent of respondents said they believe the US car is safer. The video above is in Korean, but car crashes are a universal language. Check it out to see which car comes out better.