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Nuclear deal could make Iran next big car market

Iran is a huge and hugely appealing target for Western firms - it's population is nearly the size of Germany's, it is well educated and includes a substantial middle class, and there is a built-in industrial capability. Because of the sanctions that have been in place for nearly five years now over its nuclear program, however, its citizens and domestic industry haven't been able to purchase and expand, so investment opportunities are not only manifold, they are severely undervalued. Most of the auto industry has been sitting on the sidelines waiting for the Iranian game to start. A report in Automotive News says that Iran's two automakers, Iran Khodro and SAIPA - Societe Anonyme Iranienne de Production Automobile - produced one million light vehicles last year for 77.5 million people. According to Wikipedia there were 200 vehicles per 1,000 citizens in 2012, and that was before the industry took a nosedive. That number puts it between Uruguay and Jamaica. Chery, Kia, Peugeot, and Renault were the carmakers with major operations in-country before all but Chery pulled out. In the vacuum, Chery and other Chinese automakers have thrown lots of product at the market, getting 27 models in a range of segments built or supplied there, with results that are probably best described as ambivalent among observers but financially lucrative for the Chinese. Peugeot has re-established ties, and Kia, Mercedes-Benz, Peugeot, Renault, Toyota, and Volkswagen were attendees at the Iran Auto Show last November. The domestic companies say that this time they want local investment that includes technology transfer, so the Western carmakers that do decide to get in will find tougher negotiators than before. Peugeot, for instance, had a 51-49 partnership with Iran Khodro before pulling out; the new agreement is a 50-50 venture. As a 'gift' to the world for a final deal that encourages global investment, Bloomberg says that the price of crude would go down by $15 per barrel. News Source: Automotive News - sub. req.Image Credit: Atta Kenare/AFP/Getty Images Earnings/Financials Government/Legal Kia Peugeot Renault iran sanctions khodro

Hyundai Palisade and Genesis GV80 production idled

In February of this year, the coronavirus pandemic forced Hyundai Motor Company to idle production at most of its factories in South Korea. The Chinese suppliers that provided wiring harnesses for models like the Hyundai Palisade and Genesis GV80 hadn't recovered from their COVID-19 shutdowns, causing a shortage of components. Since then, Hyundai, along with automakers around the globe, has faced repeated hurdles to restoring desired production numbers. Just-Auto reports another hiccup, with Hyundai compelled to shut down lines that build the Palisade and GV80 at its Ulsan, South Korea complex again last week over a lack of parts. Just-Auto didn't specify the parts in question. On top of that, Hyundai had already idled three lines at two plants after an employee at a supplier died, the cause of death thought to be COVID-19. Kia needed to do the same for two entire facilities in South Korea after two plant workers were diagnosed with the illness. In the U.S., Hyundai Motor Manufacturing Alabama was idled from March 18 to May 4, resuming production at lower output on May 4 to manage inventory after the coronavirus and lockdown measures gutted new car sales.   Hyundai, like giant Ford and tiny McLaren, will be ruing the lost momentum of its recovery. The group turned in its best quarterly profit since 2017 at the end of last year, thanks to the larger margins that crossovers and SUVs deliver. Hyundai brand U.S. sales last year of 688,771 units was tantalizing close to an annual sum the brand hasn't hit since 2012. In January, the automaker predicted it would improve on last year's 3.5% group operating profit margin by hitting 5% this year. The nearly 10,000 reservations taken for the GV80 fueled the optimism, when Genesis sold just over 21,000 vehicles in total last year in the U.S. However, through the first quarter, group sales were down 11% globally and in the U.S. Worse, Just-Auto says the group's global sales have nosedived 26% through the first five months. The production halts on the models that deliver the best return will prolong the pain and make it sharper. Related Video:

LeBron James ad claims $10M fan bet proving he drives K900

As one of the nation's most famous and top paid professional athletes, LeBron James' Kia K900 sponsorship has always left us suspicious to its sincerity. The basketball player could buy any other vehicle in the world but claimed to be a fan of Kia's rear-wheel drive sedan even before he signed up as the brand's pitchman. While no weirder than many other NBA auto ads, the idea is still hard to believe. The company now wants to challenge the cynics with a three-commercial campaign called The Truth that stars King James responding to actual tweets about him driving the K900. The first commercial titled Ten Mil (above) starts with James checking Twitter and finding a skeptic that bets $10 million that the player doesn't drive the K900 to games. Since that's not the case, James confirms that a wager on social media is a binding contract and hops in the Kia with an armored car following him to go pick up the cash. However, the spot misses the mark slightly because we still only have James' word that he really takes the Kia to games Once the spots start airing, you can bet Cleveland fans start keeping an eye on how the player arrives to Quicken Loans Arena. It better be in the K900 for this campaign to work. LEBRON JAMES TELLS "THE TRUTH" ABOUT DRIVING HIS KIA K900 LUXURY SEDAN 11-Time NBA All-Star Responds To Real Tweets in New Ad Campaign First of three spots from "The Truth" campaign will begin airing on TV tonight and can be viewed at Kia.com and YouTube.com/Kia Multiplatform campaign will run through the remainder of basketball season and includes television, digital and social media elements IRVINE, Calif., December 3, 2015 – Last year, when LeBron James Tweeted "Rolling around in my K900. Love this car!!" and later stated he was a K900 driver before becoming Kia Motors' luxury ambassador, naysayers took to social media to question the validity of his claims. Now, with sales of Kia's rear-drive luxury sedan up considerably over 2014 levels, the 11-time NBA All-Star and avid car collector is tackling that skepticism head-on to prove the K900 is in fact "Fit For A King" in a new ad campaign from Kia Motors America (KMA).