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Hyundai missing Q1 earnings targets blamed on slow US sales

Slow US growth is hampering profits at Hyundai. In its first quarter financial statement, the Korean automaker reported a profit of 1.93 trillion won ($1.86 billion). According to Reuters, this is less than analysts' expectations and nearly the same as last year.
According to the report, US sales fell by 3 percent in Q1 2014. To make matters worse, the high value of the South Korean currency caused lower profits on models exported from there. On the bright side, Hyundai's Chinese sales rose by 9 percent, according to Reuters. It's also working on building a fourth factory there.
The company has had a rough time in the US throughout the quarter. John Krafcik, the CEO of Hyundai of America, stepped down on January 1, and the company was already predicting slow growth in sales for 2014. Falling quality scores for the Sonata and Elantra aren't helping matters either. However, there may be hope on the way. The second-generation Genesis Sedan was introduced to the US in Detroit, and the redesigned Sonata was recently shown in New York. Successful launches of these important models could prove crucial.

Hyundai shows a mysterious coupe design in promo video

You never know where you'll find some interesting automotive news. In this particular case, we found some curious Hyundai info buried in an otherwise painfully boring Hyundai promo video. At about the 1:12 mark in the video, we see footage of a person working on a clay model of a car. It's low, sleek, and looks like it would only have two doors. It appears to have a liftback as well, and fairly aggressive vents in the back. Nothing else in the video indicates what the car is, though. However, we've got some educated guesses. One possibility is that this is a model for the successor to the recently departed Hyundai Genesis Coupe. The short deck and steeply raked rear window and pillars fall right in line with the styling of Hyundai's old sports car, not to mention the bulging rear fenders. Genesis has also made it clear that they intend to have a coupe to replace the old Genesis on sale by 2020. The luxury brand also has a small rear-drive platform in development in the form of the G70 on which it could base the coupe, along with some reasonably potent engines. Last we heard, the twin-turbo 3.3-liter V6 was under consideration. However, an argument against this being a Genesis coupe is that it would be odd to show a Genesis model in a Hyundai video. The companies are clearly trying to put space between each other, so including a Genesis vehicle in this video seems out of step with the two brands' goals. This brings us to the second possibility for this mystery coupe; that it must be a Hyundai of some sort. Hyundai has had very few coupe or coupe-like vehicles in its past. The Tiburon is long dead, thanks to the aforementioned Genesis Coupe, which will have a Genesis-branded successor. The Veloster is coupe-like and due for replacement, but recent spy photos show that it will look more like the current model and not the clay vehicle in the video. That leaves us with just one other coupe it could be: the Elantra coupe. It was killed off for the 2015 model year, but Hyundai might take another stab at it. If the company offered it exclusively with the turbocharged 1.6-liter turbocharged four-cylinder, it could attract a small enthusiast base, with the added advantage that, aside from the Civic Si, it would be the only sporty front-drive coupe on the market. Of course, it could also be something entirely new that isn't connected to any previous Hyundai or Genesis product.

Hyundai reveals CEO's pay for first time ever

Thanks to some government pressure, Hyundai's billionaire chairman, Chung Mong Koo, has revealed just how much he gets paid each year. Honestly, the amount is a bit lower than we'd expect considering he helms such a huge industrial empire. The 76-year-old chairman brought home $13 million in 2013, $5.2 million of which came from Hyundai's automotive business while both Mobis and Hyundai Steel chipped in $3.94 million, each. For reference, Ford CEO Alan Mulally netted $23.2 million in 2013, although the vast majority of that money came from stock options.
The push for Chung to reveal his pay was part of a larger effort by the South Korean government called the Financial Investment Services and Capital Markets Act. The act forces several thousand companies to release info on annual pay, bonuses and severance for employees earning over $5 million won ($469,000), according to Bloomberg.
"With the disclosure of the executives' compensation, the pressure to deliver better profits will increase," said Heo Pil Seok, the CEO of Midas International Asset Management. It seems to be working, as Hyundai shareholders, of which Midas is one, have seen their shares increase by 6.1 percent in 2014, which includes a 1.2-percent jump as of yesterday, according to Bloomberg.