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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.

Kia reveals new K3 Forte sedan in Korea [w/video]

Kia's new version of the Forte sedan has already been unveiled back in South Korea, where it's known as the K3. But while details have yet to be announced, we can expect most (if not all) of these updates to make their way to US showrooms soon. The facelifted version of the model known here as the Forte, in Korea as the K3, and elsewhere as the Cerato has a more sophisticated exterior appearance, with a larger grille, new head- and tail-lamps, and reshaped bumpers to give it a wider, more planted appearance. The interior features a sporty new flat-bottom steering wheel as well as new vents, multimedia controls, and trim. The Korean automaker has also taken the opportunity to outfit the new K3 with speed-sensitive electric power steering, lane assist, automatic park assist, and hands-free trunk opening. In its home market, the revised K3 offers 130 horsepower and 118 pound-feet of torque. But considering that the current Forte packs more punch than that already, we wouldn't take too much stock in the KDM engine specs. The 2015 Kia Forte LX available in the US packs a 1.8-liter inline-four good for 145 hp and 130 lb-ft of torque, while the more potent Forte EX steps up to a 2.0-liter four delivering 173 hp and 154 lb-ft. The Forte nameplate was launched in the US in 2009. The current, second-generation model launched in 2013. It's currently offered as a sedan, five-door hatchback, and as the two-door Forte Koup. The closely related Kia Cee'd offered in Europe is sold as a three-door hatch, five-door hatch, or five-door wagon.

2021 Kia Sorento engines, other details revealed before Geneva debut

The 2021 Kia Sorento was shown in official photos a few days ago, but we were missing all of the meaty details. Today, Kia has begun the process of parceling this information out, feeding us powertrain information and a few other interesting features of note. In North America, we can expect at least two engine options: a hybrid and a traditional gasoline-only engine. The latter is slated to be ready at launch — itÂ’ll consist of a 2.5-liter turbocharged four-cylinder, matched with an eight-speed dual-clutch automatic transmission. We imagine itÂ’s the same powertrain that we got a taste of in a pre-production Sonata N-Line not too long ago. In the Sorento, output is 277 horsepower and 310 pound-feet of torque. ThatÂ’s the same amount of torque as Hyundai said the Sonata N-Line will have, but itÂ’s down 13 horsepower compared to the semi-performance sedan. The hybrid powertrain, which is confirmed for the North American market, consists of a 1.6-liter turbocharged four-cylinder and single electric motor. Combined output amounts to 227 horsepower and 258 pound-feet of torque. Kia promises low emissions with high levels of performance, and with those power figures, we imagine the Sorento Hybrid wonÂ’t be a total bore to drive. ThatÂ’s it so far as North America powertrain news is concerned for now, but Kia promised more to come — weÂ’re told to expect additional gasoline engine options and “a powerful new plug-in hybrid variant.” Kia teased out a few details about the new platform this Sorento is riding on, too. The wheelbase is 1.4 inches longer than before, but the vehicleÂ’s overall length is only extended by 0.4 inch. Kia claims better packaging strategies will give the Sorento “class-leading cargo space.” The new platform also allows Kia to put the hybridÂ’s battery pack underneath the floor, claiming it has zero impact on passenger or cargo space. There were a few easter eggs at the end of KiaÂ’s release, too. The Sorento will be the first Kia to feature the companyÂ’s new “multi-collision brake system” that automatically applies the brakes when the airbags have been deployed after the initial collision. It also has a new “remote smartphone surround view monitor.” This will allow folks to look at the vehicleÂ’s surroundings on their smartphone through an app, in addition to seeing it in the infotainment screen.