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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.

Hyundai-Kia dealer offers $180k in gift cards to local residents

In many smaller communities, auto dealers are often major players in the local business and political world, and they interact with large portions of the population. Now, Grand West Hyundai and Grand West Kia in Grand Junction, CO, are putting their marketing dollars to work in a way to help the local economy, while also potentially generating some sales at the same time. Over the next six months, the dealers are contacting about 8,000 previous customers and offering them a gift card worth at least $50 to over 100 of the city's shops and restaurants (pictured above), according to Automotive News. All people need to do to receive the certificate is stop by the showrooms. Hopefully, the visitors would check out a new Hyundai or Kia at the same time. "We'd love to sell them a new car, but it is really a customer-appreciation gesture," said Ken Reeher, the dealers' marketing manager, to Automotive News. The two stores already bought about 3,600 cards with $181,000 going into the local economy. Paying people to come to the showroom isn't really new but generally works well. The Colorado dealers expect around half of the people they contact to visit for the gift card, which is still significantly more foot traffic than from traditional mailings. The decision to keep the cards local also means more money goes to small businesses, and the move gains goodwill in the community, too. News Source: Automotive News - sub. req.Image Credit: Aaron Hoffman Marketing/Advertising Hyundai Kia Car Buying Car Dealers colorado

Hyundai and Kia to update EV brake lights; our tests show how they currently may not come on

Update: This article has been updated to reflect Kia's own service campaign announcement.  Hyundai will be launching a "field service campaign to update the EV brake light logic" on its Ioniq 5 as well as the Genesis GV60, Electrified GV70 and Electrified GV80. According to Hyundai's director of communications, Michael Stewart, the change will be make to new production vehicles and as part of free-of-charge service campaign that will launch in July for approximately 56,000 vehicles already on the road.  "Regardless of the accelerator pedal input, the brake lights will now turn on when the deceleration rate exceeds approximately 0.13 G," Stewart wrote in an e-mail to Autoblog. Since this article was originally published, Kia has announced it will be performing the same update to its EV6 and Niro EV. Kia is also part of the Hyundai Group. This change would seem to be in keeping with the behavior we have experienced in the Hyundai Ioniq 6, the firm's most recently introduced EV. We go into that behavior lower in this article.  This announcement comes in the wake of owner complaints as well as a test by Consumer Reports that found that most Hyundai, Genesis and Kia electric vehicles can come to a stop without their brake lights illuminating. This occurred when using those vehicles' most aggressive "i-Pedal" function that allows for so-called "one-pedal driving" where the driver can mostly rely upon the car's regenerative braking system (which is used to replenish the battery pack) to stop the car.  We tested this for ourselves this week as we are currently testing a Genesis Electrified GV70, and I personally own a 2023 Kia Niro EV Wave. I almost exclusively drive in i-Pedal mode. News Editor Joel Stocksdale tested the Hyundai Ioniq 6 in Michigan, and again, we will address his findings after the Genesis and Kia as they are completely different. I attached an action camera to the rear of each car and conducted the same test in both: Accelerate to 40 mph and come to a stop without touching the brake and, crucially, without lifting my foot fully off the throttle. The result as you can see below with the Niro is that the brake lights do not come on until around 3 mph when I fully lifted off the throttle and bring the car to a full stop. I could not bring the car to a full stop without fully lifting off the throttle.