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Hyundai Motor heir Euisun Chung takes over from father after 20 years in waiting

SEOUL — Hyundai Motor Group appointed Euisun Chung as group chairman on Wednesday, cementing his succession from his octogenarian father in a move likely to give impetus to the world's fifth-largest automaker's push into electric vehicles and flying cars. In the first generational handover at the South Korean automobile giant in 20 years, Chung, 49, said he hoped to lead change at South Korea's second-biggest conglomerate as it battles to stay ahead of the pack in a time of rapid technological innovation in the global auto industry. "Carrying on their bold and innovative legacies, I feel privileged, yet also a sense of great responsibility for opening a new chapter of Hyundai Motor Group," Chung said in his inauguration speech to employees. Chung identified autonomous driving, electrification, hydrogen fuel cell, robotics and Urban Air Mobility (UAM) — industry jargon for flying cars — as his initiatives for the future. Hyundai Motor shares were trading up 0.3% after rising as much as 2.5% after the appointment, while the wider market was down 0.6%. Kia Motors and Hyundai Mobis fell 1.6% and 1.1%, respectively.   Legacies Hyundai Motor Group earlier on Wednesday said Chung had been promoted to chairman from executive vice chairman, replacing his father, Mong-Koo Chung, who was made honorary chairman. Key affiliates of Hyundai Motor Group, including Hyundai Motor, endorsed his inauguration unanimously. The appointment makes Chung the latest third-generation leader to take over one of South Korea's family-led conglomerates, which have been credited with lifting the war-stricken country out of poverty since the 1950s. His father took the wheel of the group in 2000 and transformed the company, once mocked for poor vehicle quality, into the world's No.5 automaker. The 82-year-old has been stepping back from frontline operations in recent years, and gave up his board seat in Hyundai Motor earlier this year. Euisun Chung has played an increasingly visible leadership role since September 2018 when he was promoted to executive vice chairman. Hyundai Motor Group invested $1.6 billion in a self-driving technology joint venture with U.S. Aptiv, forged a partnership with Uber on electric air taxis and invested in ride-hailing firm Grab. In July, Chung set a goal to win more than 10% of the global market for battery EVs by 2025.

Kia to launch four-door coupe next year

Kia has been toying for some time with the idea of building a sporty four-door model. But according to the latest reports from Seoul, the Korean automaker intends to stop showboating and finally put one into production. And it could come as early as next year. Reuters reports that the project known internally as CK will join Kia's lineup as its second rear-drive model, alongside the larger K900. Power would reportedly come in from engines displacing 2.0, 2.2, and 3.0 liters. The target would apparently be the BMW 4 Series Gran Coupe, but with a sportier, more youthful edge. That's something which Kia has been keen to capitalize on since the success of the Soul. It took similarly unconventional approaches with the new Sportage and the recent Telluride concept, but has not managed as of yet to transfer that youthful, unorthodox vibe to the lower-slung side of its lineup. With parent company Hyundai having recently launched the Genesis premium sub-brand, the sporty, young image could be left for Kia to pursue. Only time will tell if Toyota's abandonment of its Scion brand will leave room for Kia to swoop in, or if it'll be a dead end. Reuters anticipates the new Kia to launch in May 2017, with a targeted annual production of 60,000 vehicles worldwide. Expect some elements to carry over from recent four-door coupe concepts like the Novo (pictured) from last year and the GT concept of 2011. Reports have been circulating since then that the latter would reach production. Related Video:

Kia Soul EV will go on sale in four more US states

Live from New York, it's the Kia Soul Electric Vehicle! The South Korea-based automaker believes its first mass-produced EV is a ready-for-prime-time-player and will start selling the EV in the Empire State during the fourth quarter. Kia will also expand Soul EV sales to New Jersey, Connecticut, and Maryland, giving the model some pretty good coverage along the Eastern Seaboard. Perhaps those funky hamsters will find yet another reason to rock out. The expansion may be a sign that Americans are gravitating to the Soul EV as quick or quicker than expected. The model delivers 109 horsepower and, probably more importantly, a single-charge range of 93 miles. Kia started selling the Soul EV in California late last year. Then, earlier this year, distribution was expanded to Georgia, Texas, Oregon, Washington, and Hawaii. Additionally, the Soul was given the first-ever Canadian Green Car of the Year Award. The car sells for a base price of $33,950, and that's before any federal tax incentives kick in. Additionally, Kia may be coming out with a "more" base model that cuts that price by another $2,000. With the fed's help, that could bring the cost down into the $24,000 range, Some states have their own incentives as well. As for New York, eight dealerships will start selling the Soul EV, while six New Jersey dealerships will also have that honor. Take a look at Kia's press release below and go here for our Quick Spin impressions of the car. Related Videos: