2014 Hyundai Sonata Gls on 2040-cars

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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 To Fight $248 Million Judgment Over Fatal Montana Crash

A Montana jury has levied a $248 million ruling against Hyundai in the case of a crash that killed two occupants in July 2011. The automaker plans to appeal the ruling. Cousins Trevor and Tanner Olson were driving a 2005 Hyundai Tiburon when they hit another vehicle head-on. According to lawyers representing their family, the steering knuckle on the car cracked and this allegedly caused it to lose control. Hyundai claimed that fireworks had been let off inside the vehicle, which caused the driver to swerve. The company alleges that evidence that could have proved its innocence was barred from the case. The jury found in favor of the family and awarded them about $8 million in damages after a two-week trial. It claimed that Hyundai had shown "actual malice," according to Reuters. The jurors also slammed Hyundai with a further $240 million in punitive damages. Hyundai told Reuters that it plans to appeal immediately and called the verdict "outrageous." Autoblog has received a copy of the automaker's official statement, detailing its plans to appeal this case. Scroll down to read it. Statement by Hyundai Motor America While a tragic accident, Hyundai firmly believes the jury's verdict in Olson vs. Hyundai is mistaken and award of damages at three times what was sought by the plaintiffs is outrageous and should be overturned as Hyundai is not at fault. Eyewitness testimony established – and experts for both sides agree – that fireworks exploded in the unbelted teenagers' vehicle immediately before the July 2, 2011 accident, which involved the driver losing control, crossing the median and crashing head-on into an oncoming Pontiac at a closing speed of approximately 140 miles per hour – a speed confirmed by experts for both sides. Hyundai believes the jury's view of the evidence was distorted by a series of erroneous rulings by the Court, the most egregious of which prevented the jury from reviewing performance testing conducted by renowned failure analysis experts that would have disproven the plaintiffs' theory of the case – a theory derived by a local resident with no previous automotive experience. Hyundai will seek an immediate appeal. Technical Background The 140 mph closing speed head-on collision crushed the steering knuckles of both vehicles involved, a Hyundai Tiburon and a Pontiac Grand Am.

Is Hyundai's conservative new Sonata struggling out of the gate?

"But so far, Sonata sales are up compared with last year even while we're still ramping up to full speed," - Jim Trainor
According to Reuters, the redesigned-for-2015 Hyundai Sonata is not enjoying the same degree of success in the early going as the previous sixth-gen model, which proved to be one of the most important models in the company's history and ushered in the company's so-called "Fluidic Sculpture" design language that we still see today. Citing a recent review from The New York Times that called the car's more conservative styling "bland" and "boring," Reuters also points to analysts who claim the higher price of the new Sonata, as well as smaller rebates and incentives, are hurting sales. Honda and Toyota both offered anywhere from $600 to $800 more on the hoods of their Accord and Camry sedans last month.