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Kia teases next Sorento [w/video]

We recently spotted it testing, and now Kia digitally dropped all of the cladding and obfuscation from its next-generation Sorento crossover to tease its true face. For the new model, it certainly looks as if the company's designers will evolve the current CUV's shape to be a bit more curvaceous than before.
According to Kia, the new design has a lower roofline and higher beltline than the current model, and the side windows certainly look a lot narrower than they are now. These renderings also hint at the next Sorento's more rectangular, vertical front end with the Korean automaker's now recognizable "tiger-nose grille." At the back, the styling appears to be a bit more rounded with the rear glass and taillights wrapping around slightly.
We won't have to base our opinions on renderings for long. Kia says that it will unveil the new Sorento in Korea at the end of August and will debut it to Europeans at the 2014 Paris Motor Show in early October. Scroll down to watch a video showing off some more renderings of the upcoming model and read Kia's teaser release.

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.

South Korea firms up fuel economy regs following Hyundai/Kia debacle

According to a report from Reuters, South Korea's government has drafted strict new rules for automakers to follow when calculating fuel economy. The legislation comes after a major snafu by Hyundai and Kia that resulted in the automakers lowering the estimated fuel mileage of many popular models - some by several miles per gallon, including the Soul subcompact above - and compensating owners in the US and Canada for the reduction.
The new fuel economy rules were announced by the Ministry of Trade, Industry and Energy in South Korea and will see average mileage ratings drop by roughly three to five percent, according to the report. In addition, manufacturers found guilty of overstating mileage figures will be liable for fines of up to $900,000.
These sweeping new regulations will go into effect in the second half of 2013 and, while they won't have any effect on EPA estimates for Hyundai and Kia vehicles in the United States, they are expected to result in new ratings for the two automakers in their home market of South Korea, where they enjoy a whopping 70-percent market share.