2012 Hyundai Genesis 3.8 on 2040-cars

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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

2015 Hyundai Sonata plays a more mature tune

Hyundai's new North American CEO Dave Zuckowski pulled a silky sheet off of the redesigned 2015 Sonata here at the New York Auto Show, ushering in not only a new era of domestic stewardship for the company, but also a new, more mature design direction for its mass-market vehicles.
Though we've already seen the striking sedan in a wealth of recent photos, seeing the car in person confirmed that Hyundai has another hit on its hands. The Sonata employs the Korean automaker's new "Fluidic Sculpture 2.0" design language, which we already witnessed in the new, much lower-volume Genesis. Hyundai describes the language as being more dignified, respectable and confident. We certainly agree with that.
Gone are the swooping lines of old, which grabbed our attention on the previous generation. They've been replaced by straight edges and harder angles, most noticeably along the car's beltline. A larger, more refined grille with a wide air intake leads the car down the road. The stance is athletic, with a steeper, coupe-like roofline, quad chrome-tipped exhaust ports and horizontal lines in the rear, which give the car a planted look. The redesigned headlights are wing-like in appearance and, man, that burnt orange color is sexy.

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.