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Hyundai Motor reassigns 17 top execs to make way for fresh ideas

SEOUL — South Korean conglomerate Hyundai Motor Group shook up its executive ranks on Tuesday and appointed its first foreign head of research and development, raising expectations of a smooth transition of power at the family-run business empire. The reshuffle, first reported by Reuters on Tuesday and confirmed by Hyundai on Wednesday, is part of preparations for generational change in the executive ranks at South Korea's second-largest family-owned business empire. Group President Albert Biermann, a German former BMW executive, was named head of research and development, replacing longtime executives Yang Woong-chul and Kwon Moon-sik. The move was seen as a significant step to bring in fresh ideas at the Korean-dominated group. In all, 17 top executives were reassigned across the group including at Hyundai Motor Co and Kia Motors Corp — which together form the fifth-biggest automaker in the world. The move follows the promotion of Euisun Chung in September to Hyundai Motor's executive vice chairman, moving him closer to succeeding his 80-year-old father, Mong-Koo Chung, as group chairman. It comes as Hyundai Motor Co battles to reverse falling profits as a result of U.S. recall costs and weak sales in the U.S. and Chinese markets. Hyundai Motor Co shares jumped as much as 9 percent to their highest level since Oct. 10, while shares in affiliates like Hyundai Mobis, Hyundai Wia and Hyundai Glovis also rallied. While the announcement by Hyundai on Tuesday of a major investment in fuel cell production also lifted sentiment, analysts said most of the share price rise could be attributed to the leadership changes. In particular, it signaled that the junior Chung was making progress with his plans to restructure the sprawling group after a previous plan was scrapped due to opposition from U.S. hedge fund Elliott. "The reshuffle signals that the junior Chung is tightening his grip on the conglomerate, a move which raises investors' hopes for change," said Kim Joon-sung, an analyst at Meritz Securities. Ascendance of outsiders In a sign that Chairman Chung's grip may be weakening, one of his closest lieutenants, Hyundai Motor Co Vice Chairman Kim Yong-hwan, was reassigned away from the core automaker and named vice chairman of steelmaking affiliate Hyundai Steel.

2014 Kia Soul totally redesigned, now bigger and more refined

The 2014 Kia Soul has been unveiled at the 2013 New York Auto Show, and the all-new five-door box-on-wheels offers up nearly an extra inch of wheelbase and a track that's wider by .6 inches. The changes offer up a bit more space indoors, and since overall height has remained the same, the Soul now looks a bit less top heavy than before. A wider rear hatch opening also makes loading and unloading cargo easier. Indoors, the 2014 Soul offers a substantially revised cabin with more soft-touch materials, and leather seats are now on the option sheet. Designers borrowed inspiration from the Kia Track'ster Concept indoors, using organic lines throughout.
An available eight-inch touch screen takes care of infotainment duties on the center stack, and now features the ability to scroll through content by flicking a finger, just like a smartphone, instead of paging through multiple screens. Buyers can also fit their 2014 Soul with a larger TFT LCD color screen in the instrument cluster, which now displays turn-by-turn directions on vehicles equipped with navigation.
Engineers managed to create a chassis that's also 29-percent stiffer, with 66 percent of the shell using ultra-high-strength steel for safety and rigidity. Under the hood, base models bow with a 1.6-liter direct-injection four-cylinder engine with 130 horsepower and 118 pound-feet of torque, while Plus and Exclaim trims get a more potent direct-injection 2.0-liter four-cylinder. That engine develops 164 hp and 151 lb-ft of torque, and both mills can be bolted to either a six-speed manual or automatic depending on trim. Check out the full press release below for more information.

Kia Rio hatchback facelift in Europe brings lots of new tech

Earlier this year, Kia put a fleet of Rio hatchback prototypes on the road in Europe wearing near full-body camouflage, which was a lot of secrecy for what was expected to be a minor facelift. The South Korean automaker has revealed the final product in Europe with an unforeseen bounty of changes to increase efficiency and bolster technology. The cosmetic formula doesn't deviate much, a narrower tiger grille sitting over a thicker bumper with reshaped fog light housings. At the corners, all Rios will come with full LED lighting. The color palette grows with the addition of Perennial Grey and Sporty Blue, the latter hue seeping into the cabin with a blue color pack that brightens up the dashboard, seat bolsters, arm rests, and contrast stitching. The GT-Line goes monochrome with a black interior offset by white piping and stitching, and a carbon-fiber-effect dashboard. Every model comes with a height-adjustable driver's seat, which is an optional upgrade for the passenger's seat. New 16-inch, eight-spoke wheels will also be available. Under the hood, Kia debuts an EcoDynamics+ powertrain with new 1.0-liter Smartstream mild hybrid gas engines in two outputs that replace the 1.0-liter Kappa engines. The Rio marks Kia's first application of a 48-volt mild hybrid system, the belt-driven integrated starter generator programmed to extend its shutdown time to increase fuel economy. The 99- and 118-horsepower outputs match the previous engines, but in the 118-hp version torque rises from 127 pound-feet to 148. Both mills will offer three drive modes, Normal, Eco, and Sport. Squeezing out more efficiency for buyers who stick with the standard manual transmissions, Kia engineers developed a clutch-by-wire. Instead of a mechanical linkage, electronics control the clutch actuation. Combined with an update to make the engine start/stop system dependent on pressing the brake and the clutch instead of just the clutch, manual-equipped Rios expand the time the engine is shut off when coasting to a stop. The other two engines in the lineup will be new versions of the 1.0-liter with 99 hp that will come with a six-speed manual transmission as standard instead of the five-speeder, and naturally-aspirated 1.2-liter with 83-hp. A seven-speed dual-clutch transmission will be optional.  Inside, the dash cluster fits a 4.2-info screen with higher resolution.