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Hyundai and Kia announce $3.1-billion investment in US facilities

Update: A US spokesperson for Hyundai had no further information, but called the reports about the automaker's investments accurate. Hyundai and Kia announced this morning a plan to invest $3.1 billion into its US facilities over the next five years. According to Automotive News, the new investment is a 50-percent increase over what Korea's two largest automakers have brought to the US in the last five years. The automakers already have several large-scale manufacturing bases in the US, but the new investment could bring another plant into the fold. There is the possibility of producing a Genesis product in the US or building a new plant for a US-specific crossover. The announcement is the latest US investment plan as President-elect Donald Trump prepares to take office Friday. Trump has singled out automakers for not building cars in the United States, and Ford, General Motors, and Fiat Chrysler all announced plans to invest in the US since the beginning of January. Skeptics say these moves would have to be years in the making, though Trump has been quick to take credit for them. Not all of the new money will go toward building new plants. Hyundai and Kia could simply expand the already busy plants in Montgomery, AL, and West Point, GA. Beyond that. The automakers could further their research into electric and autonomous vehicles. Like many other automakers, the two Korean giants have backed down from planned expansions into Mexican manufacturing. Although many automakers currently build or were planning to build new vehicles in Mexico, threats of importation fees appear to be causing caused automakers to refocus some of their efforts toward US production. With all this new investment in the US, Kia and Hyundai said there will be no jobs moved to Mexico. Meanwhile, this morning GM announced plans to bring truck axle manufacturing back from Mexico. As with all of the recent announcements, Hyundai and Kia stated that Trump's upcoming presidency played no part in the decision to reinvest in the US. Related Video: News Source: Automotive News Plants/Manufacturing Genesis Hyundai Kia Mexico Trump jobs investment

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.

Recharge Wrap-up: Kia Soul EV, Renault Zoe range boosts

California has removed its limit on the number of HOV lane access stickers available for plug-in hybrids. While the state removed limits for white stickers for solo drivers of battery electric vehicles to use the carpool lane, the green stickers for PHEVs and range-extended EVs had a limit of 85,000, which was reached months ago. Now, BEVs and PHEVs will each have an unlimited number of access stickers until the program expires on January 1, 2019. Read more at Green Car Reports. Kia could improve the driving range of the Soul EV in order to better compete with newer offerings. While its 93-mile range was competitive with most EVs when it was launched as a 2015 model, the Nissan Leaf and BMW i3 have since surpassed it, and other forthcoming affordable EVs like the Chevy Bolt and Tesla Model 3 will set the bar even higher. As such, Autocar says the Soul EV should get a range boost with a mid-cycle refresh for the 2018 model year. Read more at Autocar, and at Green Car Reports. Renault said to be set to unveil a new Zoe EV with a driving range of over 200 miles. With a debut at the Paris Motor Show in October, the popular European EV hatchback will about double its current range. Using a new battery pack from LG Chem, as well as a smaller, more efficient electric motor, the improved range would help make the Zoe even more popular as people make the switch to electric driving in Europe. Read more from Electrek. Related Gallery 2016 Renault Zoe Z.E.: Geneva 2016 View 16 Photos News Source: Green Car Reports, Green Car Reports, Autocar, ElectrekImage Credit: Kia Government/Legal Green Kia Renault Electric recharge wrapup