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Hyundai, Kia looking to cut costs

Hyundai and Kia are off to roaring starts in the United States this year, underscored by Kia's best sales month ever in May. But globally the situation for the South Korean siblings hasn't been nearly so positive. Recently, they reported their fourth consecutive quarter of decreasing operating profits worldwide, and now they're "making efforts to cut costs," according to a statement in a joint email obtained by Bloomberg. However, the companies aren't detailing where they would make the cuts or how much they want to save. The amount could be significant, though. An unnamed Hyundai senior executive reportedly told a South Korean newspaper that the business might be aiming for up to 30 percent in reductions. According to Bloomberg, Hyundai and Kia are facing falling total sales worldwide. Making the situation worse is that the strong Korean won versus the weaker Japanese yen gives competitors an advantage. The automakers also angered investors enough last year to prompt a stock buyback after paying $10 billion for the land for a future headquarters. The prognosis doesn't look utterly dire, though, and new products are on the way. For example, the Hyundai Santa Fe is being refreshed in South Korea, and the next-gen Elantra debuts at this year's Los Angeles Auto Show. There's also the Creta on the way for foreign markets. Additionally, several models are still awaiting the green light, including a Hyundai Genesis-based luxury crossover, a compact CUV, and the Santa Cruz unibody pickup. Meanwhile, the Kia GT is reportedly close to production, too. Related Video:

Hyundai And Kia To Pay US $100M For Overstating MPG

Korean automakers Hyundai and Kia will pay the U.S. government a $100 million penalty to end a two-year investigation into overstated gas mileage claims on about one-third of their models. The government says the civil penalty is the largest for a Clean Air Act violation in U.S. history. The discrepancy was discovered after the EPA got complaints about lower-than-advertised mileage on Hyundai's Elantra compact. Audits discovered overstated mileage on the Elantra and other models from 2011 into 2013. Hyundai says it made honest mistakes in interpreting complex EPA mileage test requirements. Neither company admitted liability and both maintain they complied with the law. Generally mileage was overstated by one or two miles per gallon on 13 vehicles. But one vehicle's highway mileage was 6 mpg higher than the EPA tested. Auto News Hyundai Kia mpg

Hyundai Genesis to get twin-turbo V6 in 2017 or 2018

Hyundai is looking to turbocharged power as ways to downsize its engines for better emissions and fuel economy while maintaining power. Among the new mills slated to launch is a twin-turbo V6 that's likely going into the Genesis in a few years. "You're going to see smaller displacement, more use of turbocharging. A lot of it is weight-related, all of it is CAFE-related," Hyundai Motor America CEO David Zuchowski said to Automotive News about the company's powertrain future. The Korean brand is hardly alone in this move towards downsizing, though, and practically every major automaker is moving in this direction, even Honda with the next Civic. According to Zuchowski, the twin-turbo V6 will make its way into the Genesis sedan in 2017 or 2018. The company is aiming for power to be on par from the luxury model's current 420-horsepower, 5.0-liter V8. The new engine should weigh less, though. The shift towards turbos is planned for the entire model lineup, not just Hyundai's higher-end vehicles. For example, the recently announced US-spec version of the 2016 Tucson now offers a boosted 1.6-liter four-cylinder with 175 hp and 195 pound-feet of torque. Several years ago, there were rumors about a possible turbocharged V6 for a future Genesis Coupe.