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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.

Hyundai will launch 26 green models through 2020

Hyundai Motor Group, which comprises both Hyundai and Kia, believes that launching a blitz of 26 green models through 2020 could place the Korean automaker among the leaders in the segment. Only Toyota would be larger in the electrified vehicle market, if Hyundai Motor's plan works, Automotive News reports. The 26 models run the gamut of the green car field, and they include at least 12 hybrids, six PHEVs, two EVs, and two hydrogen fuel cells, according to Automotive News. If customers latch onto them, Hyundai and Kia could move as many as 300,000 electrified vehicles a year by 2020 versus about 43,000 in 2015. Kia is responsible for at least 11 of these vehicles like the upcoming Niro crossover. Meanwhile, Hyundai wants the upcoming Ioniq (above) to challenge the Toyota Prius, and the Korean company has hybrid, PHEV, and EV versions on the way. To save money on the development of so many electrified vehicles, Hyundai Motor uses shared components. "For example, all our electric motors have the same diameter," Lee Ki-Sang, Hyundai's green powertrain boss, told Automotive News. "The power output is different, but we can just adjust the width of the core winding. Or for the motor controller, we standardized to use the same printed circuit boards." Trying to go from a relatively small player to a market leader is an audacious move, but it's especially risky right now. Gas prices are the cheapest in 12 years in the US, and green car sales are down in the US and in Europe. Toyota even predicts the inexpensive fuel could cut into Prius sales, and it's far more established than Hyundai's models. The South Korean company could have an even tougher time because these efficient vehicles still lose money for now. "Our target is before 2020, we would like to make profits on these eco-friendly vehicles," Lee told Automotive News. Related Video:

2021 Kia Rio spied with heavy camo, wearing a mid-cycle refresh

The 2020 Kia Rio received an updated engine and transmission for the new year, but it looks like there’s much more on the way for KiaÂ’s subcompact in the near future. We got the all-new Rio in the 2018 model year, but this heavily covered prototype is suggesting significant design changes are on the way. The new design will complement the updated 1.6-liter four-cylinder and CVT (replacing the six-speed auto) the Rio got this year — fuel economy jumps from 32 mpg combined to 36 mpg combined in both the sedan and hatchback as a result of the switch. The 2020 Hyundai Accent received the same changes. One of our spy shooters managed to catch a hatchback driving around. Unlike many mid-cycle refresh camo getups, this one is more than just a thin layer of swirly stickers. Instead, we get the full-on cladding and tenting job. From what we can see of the headlights, they already look like a different design. Squared-off LED DRLs are hiding in there, and the element visible beside the LED is shaped differently than the current headlight unit. The fog light visible below the headlight looks to be in the same spot as before, but itÂ’s impossible to tell the design of the surrounding area. With the amount of camouflage seen here, itÂ’s possible that we see an entirely different front fascia design, and the same goes for around back. Similar to crossovers and SUVs trying to hide their roof and hatch shapes, this one has a big tent over the rear window. We find it highly unlikely that Kia decides to change sheetmetal with this kind of an update, but an entirely new look from the bumper, taillights and garnishing seems possible. The Rio, despite being a solid car in many ways, is a bit boring to look at. Its taillights are barely visible through the black netting, but they look similar to the current carÂ’s lights from what little we can see of them. Most of the car is covered up — even the doors have camouflage on them, though we donÂ’t expect the doors to be going through any revolutionary changes at this point in the carÂ’s life cycle. We dig the wheels on this tester, and the Rio hatchbackÂ’s shape is an appealing one. Sportier styling could help it a bit on the dealer lot, but with the new Soul already out and the Seltos hot on its heels, the Rio is facing a lot of pressure from other Kias. We hope the little subcompact doesnÂ’t go away as other tiny cars have, as our last stint in the driverÂ’s seat was surprisingly charming for such a cheap car.