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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 and Kia adding Google Maps API to nav systems

Hyundai's Blue Link and Kia's UVO infotainment systems will be adding three Google features: Send2Car, Point of Interest Search and Local Search by Voice. Send2Car lets travelers send destinations to their vehicle's navigation system from a computer or via a mobile phone app, and the POI and local searches are continuously updated in Google Places' database. The new data service integrations mean that drivers will have more access to more destinations and be able to find them more quickly.
Hyundai hasn't said when the new features will debut nor on what model. Kia buyers will find them introduced on the 2014 Kia Sorento expected to roll into dealerships shortly, with the Forte sedan following. You'll find a press release on the updates below.

Hyundai shutters engine development in shift to electric and hydrogen vehicles

Hyundai is quickly pivoting into an era of electric vehicles. Shortly after announcing it would halve the number of internal combustion models, it launched its first EV on its dedicated Electric Global Modular Platform (E-GMP), the supremely enjoyable Ioniq 5. Now, as The Korea Economic Daily reports, Hyundai Motor Group, which includes sister brand Kia and luxury brand Genesis, has closed its engine development division at its research and development center in South Korea to put those resources into electric powertrain development. According to the report, researchers from engine design are moving to its electrification design center, but a few remain behind to continue to refine existing internal combustion engines. The powertrain system development center will become an electrification test center, and the performance division will focus on electric performance. The group has also established a battery development center, and the R&D Center will also focus on raw materials for batteries and semiconductors. In an email, R&D boss Park Chung-Kook told employees, “Now, it is inevitable to convert into electrification. Our own engine development is a great achievement, but we must change the system to create future innovation based on the great asset from the past.” Hyundai Motor Group is targeting one million EVs a year by 2025, and full electrification by the year 2040. In addition to the newly launched Ioniq 5, Hyundai is planning to launch the Ioniq 6 EV, based on the stunning Prophecy concept, in 2022, and weÂ’ve already seen spy shots of that prototype in testing. That will be followed by the full-size Ioniq 7 SUV in 2024, which was recently previewed by the Seven Concept at the 2021 L.A. Auto Show. Kia is set to launch the EV6 in 2022, and Genesis recently revealed the GV60 electric crossover, both of which will use HyundaiÂ’s E-GMP architecture. Genesis also recently revealed an electric version of the GV70 crossover in China. Of course, Hyundai is also invested in hydrogen fuel cell vehicles, both commercial vehicles like its Xcient trucks, and passenger cars like the Nexo and the recently revealed Vision FK concept. Related Video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.