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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.

Provo concept name has Kia embroiled in terrorism controversy?

In the relatively lengthy press release that Kia composed for the launch of its Provo concept car at the Geneva Motor Show this week, the company never mentioned where the name came from, or what it means for the car. A very basic web search for "Provo" reveals that the inspiration for the hatch could have been a city in Utah, a township in South Dakota or a village in Bosnia. The name could be a reference to either an American (Fred) or Canadian (Dwayne) football player, and Provo might also accurately reference a "Dutch counterculture movement in the mid-1960s" or a ship in the US Navy. More likely than any of those, however, is that the Kia designers of the concept - a car that was wholly a product of the Korean automaker's design studios in Frankfurt, for the record - meant it as a play on the existing Pro_cee'd hatchback.
What the designers and Kia executives that signed off on the Provo almost certainly did not have in mind was a reference to a street name for the Provisional Irish Republican Army. That "Provo" was, according to TheDetroitBureau.com, an outlawed army faction that was blamed for some 2,000 deaths in Northern Ireland during a period stretching from 1970 to 1997.
And yet, it was that association that led Gregory Campbell, a member of parliament from Northern Ireland, to introduce legislation that would ban Kia from selling a car under the name Provo. Kia, quick to realize the sizable gaffe it has stumbled into with the name, has reportedly already promised not to use the name for a production vehicle.

Kia launching Uvo 2.0 in 2014 Sorento

Along with all the new model introductions hitting the stages of the LA Auto Show, automakers made plenty of announcements in regards to technology heading into the show. Chevrolet's MyLink will be adding Siri and Ford is reportedly preparing some more updates for its MyFord Touch and My Lincoln Touch, but now Kia has announced that it will be releasing the next version of its Uvo infotainment system in the 2014 Kia Sorento and later in other Kia models including the redesigned 2014 Forte.
Uvo is Kia's hands-free infotainment system, and now it will be adding a telematics "eServices" system including vehicle diagnostics, a parking location reminder for drivers and 911 Connect. Officially called Uvo eServices Infotainment System with Voice Command Navigation, this is essentially the "version 2.0" for Uvo, which came with voice recognition and hands-free control of mobile phones when it was introduced in 2010.
When the 2014 Sorento goes on sale, the new Uvo will only be compatible with iPhones, but Android phones are expected to work by the second quarter. Scroll down for Kia's press release on the updated Uvo system.