2007 Hyundai Tiburon Gt Limited Coupe 2-door 2.7l on 2040-cars

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Genesis gets serious about selling cars in China with new CEO

Hyundai's Genesis brand announced Tuesday that former Mercedes-Benz vice president Markus Henne was named CEO of Genesis Motors China. Henne will be in charge of the company's push to introduce the brand to the world's largest automotive market.  Henne will report to the brand's new global boss, William Lee, who was appointed to run the luxury subsidiary in October. One of Lee's key goals is to expand the brand's footprint in Europe and introduce it to China. Henne previously served as VP of Sales & Marketing for Mercedes-Benz in Taiwan, and prior to that oversaw the AMG division in China.  Hyundai does not yet have an ETA for formally introducing the Genesis brand to the Chinese market. Feasibility studies are still pending.  Unfortunately, while China's auto market is massive, with more than 20 million units sold to date so far in 2019, it's also one of the most tumultuous. This will be yet another major obstacle to the success of Hyundai's premium brand, which has struggled to gain traction in the United States thanks to corporate restructuring and an anachronistic product mix leaning heavily on sedans.  Genesis is working hard to correct the issues with its lineup. A lack of crossover/SUV offerings would likely be the headline for any other struggling brand, but the company's woes extend far beyond the showroom appeal of its current offerings.  In 2019, Genesis completed a restructuring of its U.S. operations. America is the brand's core market, and for much of 2018, it was unable to do business in most states thanks to Hyundai's decision to spin Genesis off into an independent brand with its own dealer franchises. Throughout the year, sales volumes tumbled as Genesis simply did not have retail outlets through which to move product. 

Hyundai, union reach tentative labor deal

According to Reuters, South Korea's labor unions may have reached a tentative deal with Hyundai following a compromise between the two sides on wages. Workers have staged a number of stoppages since August 20, which have cost the South Korean giant 1.02 trillion won - around $1.1B US. It also represents just over 50,000 units of production. That vehicle total sounds like a lot, but it's a small enough figure that Hyundai can apparently catch up with weekend and overtime shifts. We'd wager that this is why US inventories haven't been hit quite so hard aside from the battering already taking place. The proposal will now go before the union's rank and file.
If ratified, the new agreement will see workers getting a 5.14-percent raise in base salaries, along with 8.5-million-won (roughly $7,800) bonuses. Those concessions are a far cry compared to what the union was initially demanding, though. Early proposals included a 56.25-gram gold medal for each employee (worth about $2,400) and a 10-million won bonus (about $9,100) for employees whose children chose not to attend college. The union also sought a bonus worth two months' salary for workers that have been with the company for over 40 years, but this was negotiated down to a flat rate of six-million won ($5,464).
Based on Reuters' report, the work stoppages must have taken a real toll on Hyundai - its domestic sales dropped 20 percent last month, while exports were down nine percent. Those startling figures must have put some fire under the Hyundai bargaining team.

US Congress lets $8,000 hydrogen vehicle tax credit expire

When Toyota introduced the 2016 Mirai last month in preparation for a launch late next year, it said that the hydrogen car will have a $57,500 MSRP and that there will be a federal tax credit available worth up to $8,000. The problem, as we noted at the time, is that that federal credit was set to expire at the end of 2014. The technical language of the current rule says that someone who buys a fuel cell vehicle, "may claim a credit for the certified amount for a fuel cell vehicle if it is placed in service by the taxpayer after Dec. 31, 2005, and is purchased on or before Dec. 31, 2014." With the 113th Congress now finished up for the year and legislators headed home for the holidays, we know one thing for certain: the federal tax credit for hydrogen vehicles was not updated and will end as we're all singing Auld Lang Syne next week. All of this isn't to say that Mirai buyers won't be able to take $8,000 off the price of the car 12 months from now. For proof of that, we only need to look at other alternative fuel tax incentives and realize that this Congress simply isn't moving fast enough to deal with things that are expiring right now. One of the last things that the 113th Congress did in December was to take up the tax credits that expired at the end of 2013 and renew some of them. Jay Friedland, Plug In America's senior policy advisor, told AutoblogGreen that PIA and other likeminded organizations worked with Congress to extended the electronic vehicle charging station (technically: EVSE) tax credit that was part of the Alternative Refueling Tax Credit in IRS Section 30(C) through the end of 2014. "Individuals can deduct 30 percent of the cost of purchasing and installing an EVSE up to $1,000; businesses, 30 percent up to $30,000," he said. "This tax credit is applied to any system placed into service by 12/31/14 and is retroactive to the beginning of the year. So go out and buy your favorite EV driver an EVSE for the holidays," he said. An electric motorcycle credit was killed at the last minute as Congress was getting ready to leave, but H.R. 5771 did extend the Alternative Fuels Excise Tax Credits for liquefied hydrogen and other alternative fuels. These sorts of tax credit battles happen all year long. In July, Blumenthal introduced the Fuel Cell and Hydrogen Infrastructure Act of 2014, which never got out of the Finance Committee. Back to the hydrogen vehicle situation.