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Auto blog

Hyundai deferring car payments for furloughed federal workers

Since the US government shut down early this morning, more than 800,000 federal employees could be furloughed without pay until a deal is reached to start the government back up. To help affected employees cope with the temporary layoffs, Hyundai is expanding its Assurance program to defer all of their auto loan or lease payments until they're called back to work.
"We recognize the impact on family budgets that the furlough will drive," says John Krafcik, president and CEO of Hyundai Motor America. The automaker also says it will allow furloughed employees to buy new cars during October with help from a 90-day payment deferral.
We're sure Hyundai's act of goodwill relieves some of the stress that furloughed Hyundai owners and their families are experiencing. Check out the press release below.

Here it is, Hyundai's headlining Super Bowl commercial

Hyundai has ponied up for five commercials to play in, around and after the Super Bowl on Sunday, and it's slowly been releasing them one by one this week to attract as much attention as possible to these expensive ads. You've stuck with us through the first four, and we've got one last ad from Hyundai, its headliner, to show you.
Called Epic PlayDate, the ad's big hook is alt-rock band The Flaming Lips, who not only appear in the ad, but also wrote a new track called Sun Blows Up Today just for the spot. The track is available on iTunes as a single today, and will be a bonus track on their new album called Terror, which comes out in April.
The commercial is meant to sell something, and that something is the new three-row Santa Fe crossover. It follows a day in the life of a family with kids who do all sorts of crazy things, and we're told by Hyundai that the activities in which they partake pay homage to "signature band references" of The Flaming Lips.

Insider trading ahead of Hyundai-Kia MPG debacle suspected

Reuters is reporting that large-scale insider trading may be at the heart of some particularly fishy stock-selling behavior, just prior to the original announcement about the Hyundai-Kia fuel economy ratings debacle.
On November 1st, Hyundai-Kia shares traded roughly 2.2 million times (the single highest-volume day of the year), and the stock price fell by about four percent. For reference, a standard daily trading volume for the stock in 2012 saw about 600k shares trading hands. On November 2nd, the company made public the bad news about the dropping fuel economy ratings for many of its models. In other words: No one outside of the company (and only a smallish group inside the company, we'd imagine) should have known anything about the impending bad news as of the first day of November. After the announcement, the stock price tanked, as you'd expect, and trading volume was way down as well.
Experts seem fully aware that the whole thing reeks of leaked information and subsequent insider trading. If chicanery on this sort of scale seems wacky to you, you'd be inline with the experts who report to Reuters that the level of trading is absolutely suspicious.