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Hyundai spooks investors by paying $10B for new Gangnam HQ location

Doing things Gangnam style apparently costs a serious chunk of change, because Hyundai is reportedly paying roughly $10 billion for 19.6 acres (79,342 square meters) of land in the trendy district of Seoul, South Korea, to serve as the location for its new headquarters. That eye-popping number represents the highest amount ever paid for a plot of land in South Korea, according to Reuters. The hefty price tag reportedly scared investors enough for stock prices to sink dramatically.
Shareholders were apparently upset because the massive outlay could instead have been put back into the company for research and development or other improvements. Instead, the company reportedly bid triple the land's appraised value, says Reuters. The announcement caused Hyundai's stock price to plummet a massive 9 percent, and there were losses from Kia and the company's parts arm, as well. All told, the three of them lost nearly $8 billion in value from the falling share prices - almost enough to pay for the controversial land.
Hyundai currently has its headquarters on the outskirts of Seoul, but seems keen to move to the high-end Gangnam district to show off its rising status. It plans to build a new office complex, hotel, convention center and theme park on the site. According to an analyst speaking to Reuters, that could all cost an additional $6 billion to complete.

Hyundai and Aptiv enter self-driving joint venture

Hyundai Motor Group and Aptiv are creating a 50:50 autonomous driving joint venture valued at $4 billion. In an announcement, Hyundai said the venture plans to begin testing fully driverless vehicle systems in 2020 and to "have a production-ready autonomous driving platform available for robotaxi providers, fleet operators, and automotive manufacturers in 2022." Under the terms of the agreement, Hyundai Motor Group affiliates Hyundai Motor, Kia Motors and Hyundai Mobis — which debuted the self-driving concept vehicle seen above earlier this year at CES — will collectively contribute $1.6 billion in cash and $0.4 billion in vehicle engineering services, R&D resources and access to intellectual property. Aptiv, which was formerly known as Delphi Automotive, will contribute its autonomous driving technology, intellectual property, and approximately 700 employees focused on the development of scalable autonomous driving solutions. According to a statement on the joint venture, Aptiv says it currently operates more than 100 self-driving vehicles, a number of which are part of a commercial deployment in Las Vegas. The company says it has provided more than 70,000 paid autonomous rides and has maintained a rating of 4.95-out-of-five stars. The company will be headquartered in Boston and have so-called technology centers located across the United States and Asia. Green Hyundai Kia Transportation Alternatives Technology Autonomous Vehicles aptiv

Hyundai shows off six custom creations in Vegas

Hyundai rolled in to SEMA this year with an array of six customized vehicles. And while it previewed several members of that lineup in the run up to the tuner expo, it has now brought them all together under one roof – namely that of the Las Vegas Convention Center. The fleet consists of three custom creations based on the Tucson crossover, two on the Genesis Coupe, and one on the Veloster. The Tucson lineup includes one by Bisimoto, another by John Pangilinan, and a third by Rockstar Performance Garage. In typical style, Bisimoto cranked the crossover up past 700 horsepower, thanks to a high-boost turbocharger running on flex fuel. Pangilinan crafted his JP Edition Tuscon for off-road adventure with a pop-up tent on the roof, brush guards, and a lifted suspension. And Rockstar went with a Baja-style off-road competition approach with a massive 6-inch lift kit and 32-inch tires. The Genesis Coupes include one by ARK Performance and another by TJIN. The former is dubbed the Solus edition, adopting a dual focus on performance and luxury with a wide body kit, carbon-fiber trim and a supercharged V6 stroked out to 4.0 liters to produce over 500 horsepower. The TJIN edition also ups the output past 500 horses with a supercharger from Bisimoto, plus a free-flowing exhaust, intercooler, and blow-off valve. KW coilover suspension, custom body kit, and green paint job finish it off. Finally, there's the Veloster Turbo R-Spec done up by Blood Type Racing with a black paint job, red racing stripe, carbon-fiber wide-body kit, and a 1.6-liter turbo four boosted up to – you guessed it – over 500 hp. Check out five of them together (sans the Bisimoto) in the slideshow above, or each of the six in the individual galleries at bottom for a closer look - along with the details in the press release below. Related Video: HYUNDAI'S 2015 SEMA LINEUP FEATURES SIX VEHICLES BUILT BY THE INDUSTRY'S BEST TUNERS Concepts Based on 2016 Tucson, 2015 Genesis Coupe and 2015 Veloster Turbo R-Spec FOUNTAIN VALLEY, Calif., Nov. 3, 2015 – Once again, Hyundai has teamed up with some of the best vehicle tuners in the automotive community to deliver six concept vehicles for SEMA 2015. This year's builds feature three of Hyundai's all-new 2016 Tucson crossovers, two high-powered Genesis Coupes, and a Veloster Turbo R-Spec. Hyundai will be showcasing these creations at its SEMA display in Center Hall (booth #24387) at the Las Vegas Convention Center, Nov. 3-6, 2015.