2011 Kia Sorento Lx Automatic Transmission Fwd on 2040-cars

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Hyundai, Kia looking to cut costs

Hyundai and Kia are off to roaring starts in the United States this year, underscored by Kia's best sales month ever in May. But globally the situation for the South Korean siblings hasn't been nearly so positive. Recently, they reported their fourth consecutive quarter of decreasing operating profits worldwide, and now they're "making efforts to cut costs," according to a statement in a joint email obtained by Bloomberg. However, the companies aren't detailing where they would make the cuts or how much they want to save. The amount could be significant, though. An unnamed Hyundai senior executive reportedly told a South Korean newspaper that the business might be aiming for up to 30 percent in reductions. According to Bloomberg, Hyundai and Kia are facing falling total sales worldwide. Making the situation worse is that the strong Korean won versus the weaker Japanese yen gives competitors an advantage. The automakers also angered investors enough last year to prompt a stock buyback after paying $10 billion for the land for a future headquarters. The prognosis doesn't look utterly dire, though, and new products are on the way. For example, the Hyundai Santa Fe is being refreshed in South Korea, and the next-gen Elantra debuts at this year's Los Angeles Auto Show. There's also the Creta on the way for foreign markets. Additionally, several models are still awaiting the green light, including a Hyundai Genesis-based luxury crossover, a compact CUV, and the Santa Cruz unibody pickup. Meanwhile, the Kia GT is reportedly close to production, too. Related Video:

Kia America shuffles executives

Kia announced a sudden and massive shuffle of its most senior executives in North America, including the resignation of its CEO and new roles for some of his top lieutenants. The biggest change is the departure of Byung Mo Ahn, who had until now served as both CEO of Kia Motors America and head of the company's manufacturing operations in Georgia, as well as a group vice chairman. Ahn is stepping down from all three positions with immediate effect, but will stay on in an advisory capacity. In his place, Jang Won Sohn moves from his previous post as a senior vice president at the home office to take over Kia Motors America. The task of running Kia Motors Manufacturing Georgia will fall to Hyun Jong Shin, currently the plant's executive vice president and chief operating officer. Along with those replacements, Kia promoted Michael Sprague (pictured) to the newly created position of COO and executive vice president for Kia Motors America – a step up from his current title as EVP of sales and marketing. He reports directly to Sohn and takes over responsibility for product planning as well as sales, marketing and service. KIA MOTORS AMERICA STATEMENT REGARDING ORGANIZATIONAL CHANGES Effective immediately, the Group Vice Chairman and CEO of Kia Motors America (KMA) and Kia Motors Manufacturing Georgia (KMMG), Byung Mo Ahn, has left these positions and will become a company advisor. Jang Won Sohn, formerly a Senior Vice President at KMC, assumes the position of President and CEO of KMA, and Hyun Jong Shin, formerly KMMG's Executive Vice President and Chief Operating Officer, assumes the position of President and CEO of KMMG. Michael Sprague, formerly KMA's Executive Vice President of Sales and Marketing, has been appointed to the newly created position of Chief Operating Officer and EVP of KMA, reporting directly to Mr. Sohn, and will serve as the central point of contact for all sales, marketing, service and product planning functions.

Driving a 1964 Volkswagen Beetle, and the 2021 Kia K5 arrives | Autoblog Podcast #634

In this week's Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Road Test Editor Zac Palmer and News Editor Joel Stocksdale. They start with what they've been driving this week, including the 2020 GMC Sierra 1500 diesel, 2020 Volkswagen Atlas Cross Sport and a 1964 Volkswagen Beetle. They move on to the news, covering the 2021 Kia K5, Geneva Motor Show (canceled again), Maserati's new engine and a new extended reality experience here at Autoblog. Finally, the guys spend some money for a listener who just had twins. Autoblog Podcast #634 Get The Podcast iTunes – Subscribe to the Autoblog Podcast in iTunes RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2020 GMC Sierra 1500 AT4 diesel 2020 Volkswagen Atlas Cross Sport 1964 Volkswagen Beetle 2021 Kia K5 Geneva Motor Show cancelled Maserati engine Extended Reality with the Mustang Mach-E Spend your money Feedback Email – Podcast@Autoblog.com Review the show on iTunes Related Video: