2014 Kia Sorento Sx Limited on 2040-cars

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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 Sorento bares its claws for X-Men special edition

We all know what Batman drives. Chrysler even postulated at what Superman would drive with its special Ram Power Wagon. But what would the X-Men drive? According to Kia, the Sorento you see here. Unveiled to promote the release of X-Men: Days of Future Past on Blu-ray, DVD and Digital HD, this special Sorento has been done up in a unique livery inspired by one of Marvel's superheroes. Just which one, Kia's not saying, inviting fans to vote on its Facebook page – but unless those claws on the front are magnetized, we're pretty sure you can guess. The special Kia Sorento will be displayed at the Australian Open, which Kia is also sponsoring, and will be followed by a video of tennis star Rafael Nadal teaming up with the team of mutants and jumping in the Sorento to take on a patrol of Sentinels. This isn't the first time, of course, that we've seen Kia take inspiration from comic-book superheroes, but its previous collaborations – highlighted by a quintet of show cars unveiled at SEMA two years ago – were with rival DC's Justice League. 'X-Men' inspired Kia Sorento to debut at the Australian Open 2015 - Striking 'Kia X-Car' produced in collaboration with Twentieth Century Fox Home Entertainment - Fans to guess the X-Men character behind Kia's latest model on the Kia Facebook page - Grand Slam Champion and 'Superhuman' Kia brand ambassador Rafael Nadal to unveil the 'Kia X-Car' at Australian Open 2015 Seoul: Kia Motors today announced details of a new collaboration with Twentieth Century Fox Home Entertainment to promote X-Men: Days of Future Past on Blu-ray, DVD and Digital HD and Kia's sponsorship of the Australian Open 2015. The partnership with Fox will see the unveiling of a special X-Men-inspired all-new Kia Sorento one week before the first major tennis championship of 2015 - with Kia's 'superhuman' brand ambassador, tennis star Rafael Nadal, revealing the car. In the run-up to the unveiling of the one-off model, Kia Motors is inviting fans of the X-Men franchise and the Korean car manufacturer to guess which X-Men character has inspired the car's unique design. Visitors who go to the Kia Motors Facebook page at http://bit.ly/KiaXmen can guess from four iconic X-Men characters: Storm, Wolverine, Mystique and Magneto. Fans guessing correctly will be entered into a prize draw to win a DVD copy of X-Men: Days of Future Past.

U.S. VP Harris pledges to consult S. Korea over EV subsidy concerns

TOKYO/SEOUL — U.S. Vice President Kamala Harris told South Korea's prime minister on Tuesday that Washington will work to address Seoul's concerns over recently enacted electric vehicle (EV) subsidies that could disadvantage Asian automakers. The $430 billion "Inflation Reduction Act" bill enacted in August includes a host of U.S. President Joe Biden's priorities, including investments to roll back climate change and make Washington a world leader in the EV market. Among the law's provisions are requirements that EVs be assembled in North America to qualify for tax credits. The law also ends subsidies for other EV models and requires that a percentage of critical minerals used in those cars' batteries come from the United States or an American free-trade partner. Harris, visiting Japan, met with South Korea's Han Duck-soo and "underscored that she understood (Korean) concerns regarding the Act's tax incentives for electric vehicles, and they pledged to continue to consult as the law is implemented," the White House said. A senior Biden administration official said extensive conversations have already taken place within the U.S. government over how to address South Korea's concerns. "She listened very carefully and made clear our commitment to work within the U.S. government — the U.S. Trade Representative, the Treasury Department — as we look ... to help address that issue," the official said. Biden has sought to deepen business with South Korea as part of a bid to increase U.S. manufacturing jobs and build a united front against China, who he views as the country's key ideological and economic competitor. Korean officials see the new requirements as a betrayal after South Korean companies agreed to make major investments and build factories in the United States. Heavily industrialized South Korea worries the new subsidies will set back Hyundai Motor Co and its affiliate Kia Corp in the world's largest consumer market. Cars are South Korea's third-largest export. (Reporting by Trevor Hunnicutt in Tokyo, and Soo-hyang Choi and Joyce Lee in Seoul; Editing by Clarence Fernandez and Kim Coghill) Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings. Government/Legal Green Plants/Manufacturing Genesis Hyundai Kia Electric South Korea