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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's Super Bowl ad parks the Optima in a Walken closet

Kia has a weird marketing strategy to sell the Optima in its Super Bowl commercial titled Walken Closet. The humorous spot stars actor Christopher Walken who appears to live in a closet, and he describes the South Korean brand's midsize sedan as "as the world's most exciting pair of socks." Walken is famous for his unique voice, and he enunciates Kia Optima in this ad like no one else can. The ad markets the Optima as the midsize sedan for customers who want something more exciting from the segment. According to Walken, other vehicles are like beige socks, but the Kia has "pizzazz." Comparing a vehicle to a pair of socks still doesn't get the heart racing, though. You can watch a 90-second version of Walken Closet above. Kia will premiere the 60-second cut during the four quarter of the Super Bowl. CHRISTOPHER WALKEN ADDS "PIZZAZZ" TO KIA MOTORS' SUPER BOWL COMMERCIAL FOR THE ALL-NEW OPTIMA MIDSIZE SEDAN Kia is the First Brand to Utilize a New Technology Solution from Influential That Taps IBM Watson for Influencer Identification as Part of Multifaceted Marketing Campaign Extended cut of "Walken Closet" can be viewed now at YouTube.com/Kia; 60-second broadcast version will debut during the fourth quarter of Super Bowl 50 #AddPizzazz social media campaign includes partnerships with Mobile First influencer platform Influential, social media creator network Niche, and lifestyle apparel brand Stance, to engage creators and generate content across a variety of channels IRVINE, Calif., February 2, 2016 – There's no one quite like Christopher Walken – he is an original. And in Kia Motors America's (KMA) 2016 Super Bowl commercial, the Academy Award-winner employs a colorfully stylish sock to demonstrate how the next generation Optima stands out in the midsize sedan segment filled with entries that look and drive the same. Premiering today on YouTube.com/Kia – and set to air in the fourth quarter of the big game – "Walken Closet" is the centerpiece of Kia's multiplatform campaign spotlighting the all-new 2016 Optima as the vibrant alternative for those searching for more in a vehicle segment whose hallmarks are basic, boring and uninspired. As Walken explains in the spot, "There are two kinds of people in this world. Those who are content to blend in ... then there are those who expect more. They're exciting.

Trump encouraged by talk of 'a level playing field' on trade with South Korea

South Korea is a longstanding American ally, but President Donald Trump has spoken harshly about U.S. trade imbalances and threatened to tear up the bilateral trade pact. "We will do more to remove barriers to reciprocal trade and market access," Trump said, adding that the two leaders had talked about the thorny trade areas of steel and autos. Trump said he was encouraged by South Korea's President Moon Jae-in's assurances that he would seek a level playing field for American workers and businesses, particularly automakers. A joint statement said the two sides had agreed to work together to reduce over supply of basic materials such as steel and non-tariff barriers. It also said Trump had accepted an invitation from Moon to visit South Korea this year. Bonnie Glaser, senior adviser for Asia at the Center for Strategic and International Studies think tank, said it was unwise for Trump to air the trade issue so publicly. "Public complaints by Trump about unfair trade and inadequate defense spending provide opportunities for China and North Korea to drive a wedge between the allies," she said. The U.S. goods trade deficit with South Korea has more than doubled since the U.S.-Korea free trade pact known as KORUS took effect in 2012. The agreement was forecast to boost U.S. exports by $10 billion a year, but in 2016 they were $3 billion lower than in 2011. At the start of Friday's talks, U.S. Commerce Secretary Wilbur Ross said the largest component of the deficit was automotive trade and many non-tariff barriers to U.S. auto exports to South Korea remained. "I think the way to address it is to deal product by product with what we can do to change the export side and what we can do to reduce the bad imports side," he said. Ross said later on Friday that some progress had been made in the talks. The current pact was agreed to despite protests by supporters of Moon, who was then in opposition. But analysts have suggested that given the need to preserve a unified front in the face of a hostile North Korea, there could be compromise on both sides to resolve issues. (By David Brunnstrom and Lisa Lambert. Additional reporting by Fatima Bhojani, Roberta Rampton, Tim Ahmann, David Chance, David Lawder and Eric Beech; Editing by Bill Trott and Andrew Hay) Related Video: Image Credit: Kim Hong-Ji / Reuters Government/Legal Genesis Hyundai Kia trade