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Ex-Hyundai CEO Krafcik joins TrueCar board amidst IPO plans

Former Hyundai Motor America CEO John Krafcik has had a tumultuous year. Last June, he won the Automotive Executive of the Year from DNV Business Assurance. Then in December, he suddenly announced he was stepping down from his leadership role at the Korean automaker on January 1, with some suggesting it was because the company's sales growth was too far below forecasts. Now, it looks like the exec has landed a new role on the board of directors of online car shopping website TrueCar.
According to The Wall Street Journal, Krafcik's role will be to build relationships with automakers and dealers, but the job at TrueCar won't be full time. Since leaving Hyundai, Krafcik has also been doing consulting work in Silicon Valley. "It's helped me understand what I might want to do, full, full time. I am just taking things at the appropriate pace," he said to the Journal.
Krafcik, who is widely considered one of the industry's top executives, took the helm at Hyundai America in 2008 and led it to an increase in sales and market share. He was with the company when it won North American Car of the Year awards in 2009 and 2012 for the Genesis and Elantra, respectively.

Hyundai Tucson Fuel Cell CUV deliveries running behind schedule

Things are running a little bit behind on Hyundai's hydrogen-powered Tucson Fuel Cell CUV program in the US. The last time we checked in with the South Korean automaker's H2 project, we heard that the first deliveries were supposed to happen by the end of March. Speaking with Hyundai's Kevin Lee at the Hyundai booth at the SAE World Congress this week, we learned that deliveries are now going to happen closer to a month from now. Globally, there are roughly 70-100 of these hydrogen CUVs running in customer hands today. Lee told AutoblogGreen that the first US-bound units will be shipped from South Korea at the end of April or beginning of May but there is no actual date set for the first customer delivery. He said he expects 100 or fewer H2 powered Tucson CUVs to be operating in the US by the end of this year, all of them in Southern California. He said the customers in this first batch are being selected based on the location of the nearest hydrogen fuel station. While the number of stations is small today, more are on the way. Globally, there are roughly 70-100 of these hydrogen-powered CUVs (also known as the ix35) running in customer hands today, in places like South Korea, Germany, Norway, Austria and Italy. Some H2 stations charge Hyundai a flat rate per fill while others charge the automaker a general station maintenance fee. In the US, the Tucson Fuel Cell CUV leases for $499 a month (with $2,999 down) for 36 months, and comes with unlimited hydrogen refueling as well as Hyundai's Valet Maintenance. Lee told us that one reason for the "free" hydrogen is that even the small number of public hydrogen stations out there (nine in SoCal) does not have a cohesive set of rules for how to sell H2 to the public. The stations are not yet certified to charge customers based on dollar per kilogram in California, Lee said, since that regulation has not yet been set by the Division of Measurement Standards (DMS). Currently, "each station is different," he said, with some charging Hyundai a flat rate per fill and others charging the automaker a general station maintenance fee. This situation will likely change by the end of the year, he said. Lee said Hyundai is already busy working on the next-gen fuel cell vehicles and trying to reduce costs but was not able to share any details.

Hyundai and Kia set aside $412 million for false mileage claims

We still don't know how the whole fuel economy ratings debacle is going to play out for Hyundai and Kia, but both automakers are preparing to make good on their promises to reimburse vehicle owners for lower-than-promised mileage figures. According to Automotive News, Hyundai and Kia have set aside a combined total of $412 million ($225 million for Hyundai and $187 million for Kia) as compensation, which will be sent out on a case-by-case basis via debit cards depending on the vehicle and the mileage driven.
Announced back in November, the exaggerated miles per gallon claims affect around 900,000 Kia and Hyundai products produced for the 2011 through 2013 model years sold in the US and Canada. This whole deal has had plenty of action ranging from suspected whistleblowing from a rival US automaker and even insider trading, but it has probably been most frustrating for vehicle owners who, in most cases, saw their vehicles' city and highway ratings drop between one and three digits.