2002 Hyundai Elantra Gt on 2040-cars

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How the Koreans are cracking the luxury market

South Korea's two largest automotive brands are no longer the same companies they were when they first entered the world stage.
Anyone who visits Seoul after a few years absence is likely going to be in for a shock. What was, not that long ago, a decidedly third-world city is today a thriving, sprawling metropolis increasingly on a par with the world's most modern cities.

Hyundai Motor Group promotes heir apparent

SEOUL — Hyundai Motor Group promoted heir apparent Euisun Chung on Friday to a role of overseeing the conglomerate, moving him a step closer to succeeding his octogenarian father as head of South Korea's second largest group. Chung, 47, who will assist his father and group chairman Mong-Koo Chung, was appointed as executive vice chairman to respond to "deteriorating global trade issues and changes in competitive dynamics in major markets," Hyundai Motor Group said in a statement. Chaebols like Hyundai and Samsung Group, which have grown into global firms from the rubble of the 1950-1953 Korean War, are undergoing a transfer of power to third- or fourth-generation leaders. "In his new capacity, Executive Vice Chairman Euisun Chung will oversee the entire Group's operations, aiding and reporting to Chairman Mong-Koo Chung," the statement said. The appointment also comes as Hyundai battles tumbling profits, mounting pressure from activist shareholders to improve its governance, and amid South Korea's trade tensions with the United States that threaten to disrupt its production plans. "This is a good sign," Park Yoo-kyung, a director at Dutch pension fund APG Asset Management, said of the appointment. "This will enhance transparency about who is controlling the group and who is making key strategic decisions," she said. Generational shift The junior Chung, currently vice chairman of the group's crown jewel, Hyundai Motor Co, has stepped up in recent years, attending motor shows and government meetings with business leaders on behalf of his 80-year-old father who has made few public appearances. Shares in Hyundai Motor ended up 0.8 percent on Friday, and affiliate Kia Motors fell 0.3 percent in a wider market that rose 1.4 percent. Chairman Chung, the all-powerful boss, has presided over Hyundai for about two decades, transforming the company into the world's fifth-biggest car maker along with Kia Motors. Hyundai is now struggling to reverse slowing sales in China and the United States, where the company has suffered due to its delayed response to booming demand for SUVs. The appointment is part of an effort to "improve future competitiveness and secure future growth engines" at a time when the auto industry is undergoing major changes, the group said. The junior Chung has led the group's efforts to develop future vehicles such as autonomous and connected cars, as well as Hyundai's fledging premium brand Genesis.

Recharge Wrap-up: Rimac Concept One vs. Bugatti Veyron, Tesla Autpoilot in the snow

Watch the Rimac Concept_One and the Bugatti Veyron drive head-to-head along the Croatian coast. Rimac Automobili founder Mate Rimac invited the Earl of Pembroke to drive his 1,088-horsepower EV, while he'd drive Lord Pembroke's Bugatti for comparison. Besides the scenic coastal roads shown in this first film, the pair also drove on a racetrack and an airfield. More episodes – and a drag race – are to come. Watch the video above, and read more at Teslarati. Watch how Tesla Autosteer operates in the snow at night, with no lane markings and no lead vehicle. While Tesla doesn't recommend using Autopilot in these conditions, it seems to manage rather well. Even thought the system shows that it doesn't always recognize the curb, the car doesn't instruct the driver to take control. It's possible that data plays a key role when there aren't other guiding factors on the road, and Tesla's high resolution mapping and the car's GPS could help navigate when there is little sensor input. See the video and read more at Electrek. Andromeda Power shows how a Nissan Leaf rescue car can charge a Tesla Model S. Andromeda Power uses its V2V Orca Inceptive onboard charger, which is meant for CHAdeMO to CHAdeMO charging. It requires a lot of equipment, including a CHAdeMO Tesla adapter, but it's definitely one way to feed a Tesla enough juice to get to the nearest charging station. Read more at Inside EVs. Hyundai increase the range of its Tucson Fuel Cell by 30 percent. The next generation of the hydrogen powered Hyundai is expected in early 2018, and range will jump from 265 miles on a full tank to 348 miles. That surpasses the Toyota Mirai's 312-mile range, but not the 366 miles of the Honda Clarity Fuel Cell. Read more at Green Car Reports, or from the Nikkei Asian Review. Related Gallery Rimac Automobili Concept_One View 35 Photos News Source: Electrek, YouTube: KmanAuto, Teslarati, YouTube: Wilton Classic & Supercar, Inside EVs, Green Car Reports, Nikkei Asian Review Green Bugatti Hyundai Automakers Nissan Tesla Green Automakers Autonomous Vehicles Electric Supercars Videos recharge wrapup