2014 Hyundai Santa Fe Sport 2.4l on 2040-cars

Auto blog

John Krafcik stepping down as Hyundai CEO, replaced by VP of sales

Hyundai Motor America has announced that its affable president and CEO, John Krafcik, will be stepping down from his post on January 1, at the completion of his contract. He'll be replaced by the current executive vice president of sales, David Zuchowski.
Krafcik has helmed Hyundai through a product renaissance that's seen the Korean automaker go from budget afterthought to household name in less than a decade, launching stylish new models and expanding into new markets. "On behalf of Hyundai Motor Company, we sincerely thank John for his visionary leadership and relentless pursuit of customer satisfaction, which has driven Hyundai's record growth over the past five years," said Im Tak Uk, the COO and executive vice president of HMA's parent company, Hyundai Motor Company.
"It's been a sincere privilege and honor to lead Hyundai Motor America over the past five years, and I am confident that with Dave's succession, our brand will continue to expand and thrive for years to come," said Krafcik in a Hyundai press release, available below. "We have many of the best and brightest employees in the business coupled with a committed and talented dealer network that will continue to pay dividends."

Car buyers are paying big money for technology they don't use

J.D. Power released the results of its Tech Experience Index study that measures "how much owners like [in-car] technologies and how many problems they experience with them." Among the study's findings, automakers are loading vehicles with more software and digital experiences that owners claim they never learn how to use or decide they don't need. For example, owners report to J.D. Power that gesture controls, like those used by BMW (spinning a finger, for instance, can raise or lower the audio volume), don't improve the overall ownership experience. In fact, gesture controls received the lowest overall satisfaction score in the study for a second consecutive year. In another example, the study found that 61% of owners claim never having used "in-vehicle digital market technology," while 51% of respondents said they didn't need it. Driver/passenger communication technology was another sore point with users, with 52% saying they have never used the technology, and 40% of those saying they have no need for it. (10 Features owners say they want, and 7 they really don't). Conversely, some technologies are well received by owners. For American owners, rear-view cameras and so-called "ground view" cameras were among the top three desired technologies. We assume that "ground view" is a surround-view or 360-degree camera system. The one-pedal driving possible in a number of EV's with adjustable regen braking also scored very high marks and few claimed issues.  While it could be argued that owners who don't want to use a specific piece of technology should just avoid using it, the reality is that all of these unused features add cost to the final price of any vehicle. Considering that the average transaction price of a new vehicle hit a record $45,031 in September of 2021, controlling spiraling costs is a big deal. J.D. Power's survey results found that dealerships can play a big role in explaining new technology to buyers. Scores for some technologies like trailer assistance received higher scores from owners who received training from their dealers. Unfortunately, 71% of owners say they were taught how to use tech from outside sources whereas only 30% learned from a dealer. The results of this study are the product of responses from 110,827 owners of current model-year vehicles that J.D. Power surveyed after 90 days of ownership from February through July 2021.

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.