2023 Kia Forte Lxs on 2040-cars

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Hyundai Motor heir Euisun Chung takes over from father after 20 years in waiting

SEOUL — Hyundai Motor Group appointed Euisun Chung as group chairman on Wednesday, cementing his succession from his octogenarian father in a move likely to give impetus to the world's fifth-largest automaker's push into electric vehicles and flying cars. In the first generational handover at the South Korean automobile giant in 20 years, Chung, 49, said he hoped to lead change at South Korea's second-biggest conglomerate as it battles to stay ahead of the pack in a time of rapid technological innovation in the global auto industry. "Carrying on their bold and innovative legacies, I feel privileged, yet also a sense of great responsibility for opening a new chapter of Hyundai Motor Group," Chung said in his inauguration speech to employees. Chung identified autonomous driving, electrification, hydrogen fuel cell, robotics and Urban Air Mobility (UAM) — industry jargon for flying cars — as his initiatives for the future. Hyundai Motor shares were trading up 0.3% after rising as much as 2.5% after the appointment, while the wider market was down 0.6%. Kia Motors and Hyundai Mobis fell 1.6% and 1.1%, respectively.   Legacies Hyundai Motor Group earlier on Wednesday said Chung had been promoted to chairman from executive vice chairman, replacing his father, Mong-Koo Chung, who was made honorary chairman. Key affiliates of Hyundai Motor Group, including Hyundai Motor, endorsed his inauguration unanimously. The appointment makes Chung the latest third-generation leader to take over one of South Korea's family-led conglomerates, which have been credited with lifting the war-stricken country out of poverty since the 1950s. His father took the wheel of the group in 2000 and transformed the company, once mocked for poor vehicle quality, into the world's No.5 automaker. The 82-year-old has been stepping back from frontline operations in recent years, and gave up his board seat in Hyundai Motor earlier this year. Euisun Chung has played an increasingly visible leadership role since September 2018 when he was promoted to executive vice chairman. Hyundai Motor Group invested $1.6 billion in a self-driving technology joint venture with U.S. Aptiv, forged a partnership with Uber on electric air taxis and invested in ride-hailing firm Grab. In July, Chung set a goal to win more than 10% of the global market for battery EVs by 2025.

Kia debuts Forte 5-door with available 201-HP turbo engine

The US-bound 2014 Kia Forte first showed up in sedan form back at the LA Auto Show last year, but Kia unveiled the hatchback version of the car today at the Chicago Auto Show. Unlike the current Forte five-door the 2014 will feature styling that is distinct from its sedan counterpart, but the big news is it will also get a few extra ponies under the hood.
Since the Forte five-door will only be offered in EX and SX trim, the sedan's 1.8-liter inline-four is not offered on this model. The base engine in the EX is the 2.0-liter direct-injected four, producing 173 horsepower and 154 pound-feet of torque. Those looking for more power should check out the Forte SX, which uses the 1.6-liter turbocharged engine currently found in the Hyundai Veloster Turbo. This engine produces 201 hp and 195 lb-ft, and it can be paired to either a six-speed manual or automatic transmission; the latter of which is optional and comes with paddle shifters.
Aside from the obvious styling changes required for the added cargo area, the 2014 Kia Forte five-door gets numerous design elements to set it apart from the sedan. The face of the new hatchback will get a much smaller tiger-nose grille than the sedan, but it will get a larger lower intake, which we can't help but compare to the Mitsubishi Lancer Evo. Kia also gave the Forte dual exhaust outlets and LED taillights, and the SX model will get stylish 18-inch wheels. Inside, the five-door design allows the Forte to increase its cargo volume to 23.2 cubic feet, and the cabin can also be equipped with features such as heated front seats, ventilated driver's seat, navigation, leather seating and dual-zone climate control.

Hyundai, Kia announce buyback plan for angry Korean investors

Hyundai's controversial decision last September to move its Korean headquarters to an expansive (and expensive) new facility was met with a swift backlash by shareholders. After making the biggest land purchase in South Korean history, the company's share price took a nine-point nose dive.
Now, in a bid to get back in the good graces of its stockholders, Hyundai and its subsidiary, Kia, will make a $615-million stock buyback plan. Reuters claims this is the first time in ten years that Hyundai has made a buyback offer with the explicit purpose of pumping up share prices.
The total deal bumped up Hyundai's share prices 5.7 percent while Kia is up two percent, although neither company has fully recovered from the battering that followed the headquarters announcement. It's unclear what else it will take for Hyundai to recover the ground it lost during the land deal.