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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 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.

Rumormill again says Kia Stinger is on the ropes

The Kia Stinger hit the market in 2017, spending the first year of its life earning plaudits for terrific handling at an unbeatable price. Although the Stinger could shake the competition, starting in 2018 and ever since, the Stinger couldn't shake rumors that it won't get a second generation. In fact, tangential questions about the Kia began in late 2017, with the assertion that Kia needed to upgrade its dealer network if it really wanted to take on the Germans. Once sales in the key North American market began to soften, then slide, that put blood in the water. Kia's head of design couldn't put off the sharks in October 2018, telling Australian outlet Which Car that the sedan wasn't selling as well as expected in North America. He returned with the same dolor the next year when speaking to Aussie outlet Car Advice, and followed that a month later by sharing the same hesitations phrased differently with Aussie outlet CarsGuide. Now The Korean Car Blog, sourcing "a new report of the South Korean sales," alleges the situation has gotten worse thanks to the coronavirus catastrophe and the need to conserve resources. Kia had already opted not to put a new powertrain into the 2021 Stinger refresh, saving money by adding more power to the current 3.3-liter twin-turbo V6 with a revised exhaust. Everyone who appreciates the Stinger has clear ideas about why it doesn't sell well in certain markets, like these Canadians, this guy in the UK, and these folks from the U.S. and other countries. TKCB believes one of the major issues is the in-house Genesis G70 competition, which has just about everything the Kia could want: A premium brand with premium touchpoints, marketing and advertising, a more rational equipment mix, near constant tweaking, and again, marketing and advertising. Does anyone remember when LeBron James and Aerosmith's Steven Tyler fronted the Stinger movement? Of course, the rumors of axing are still only rumors, and the Stinger is still only three years old. Anything can happen, apparently including the remote possibilities the Stinger morphs into a different kind of vehicle or goes electric. If the sales numbers continue as they've been going, however, something will need to happen; after an 18% dip from 2018 to 2019 in U.S. sales, the Stinger's already down 21% so far this year. Or we'd think something needs to happen — the Kia K900 remains on sale having tabbed 102 sales all of last year in the U.S., and 65 so far this year.