You really should check out hyundaiforum.com Lots of info there, like=POO16 Check Engine Light Problem Solution
The P0016 code is a discrepancy between the camshaft and crankshaft timing. This code is thrown for a few reasons. Go through this diagnostic procedure and you will probably identify the problem:
1. Check your timing belt. Install a compression tester to cyl #1 (furthest cyl left when looking at the engine from the front) and bar the engine over. When you begin to develop compression on the guage, you know you are approaching TDC. Bar over until the mark is lined up with "T" on the lower timing belt cover timing marks and stop. Then, pull the upper belt cover (four sleeved M6 bolts/10mm heads) and ensure that you can see the red timing mark through the hole at 12 o'clock on the camshaft gear.
If you can see red, then you are close on the timing. However, if you have removed the camshaft gear recently or replaced the timing belt recently, you need to check that the locator pin on the camshaft gear is not bent. This can cause you to be 1/2 a tooth off, and can lead to catastrophic engine failure if the pin snaps.
Loosen the timing belt and remove the bolt holding the camshaft gear and inspect it to ensure it is straight. If it is straight, then reassemble. If it is bent, that is your problem. Replace the pin and clear codes. The pin bends easily when you torque either the camshaft gear or balancer pulley.
If the pin is OK or you have not changed the timing belt, removed the cam gear or balancer pulley, then check....
2. The Oil Control Valve. All Huyndai engines from 2004 on have CVVT (constant variable valve timing). The oil control valve is located on the front of the engine just above the temp. sending unit. Pull the OCV and let it cool to room temp. Once it is cool, take your fluke meter and test resistance across the two pins. It should read from 6.7 ohms to 7.9 ohms. If it reads outside of those specs, replace it. If it passes the resistance test, then take your test leads and connect it to your battery (not polar specific). If the valve fails to engage, then replace it. This should cost about $160-$180 and is easily removed as it is only held in by one M6/10mm bolt. Pull straight out once bolt is removed and electrical connector is removed. If it passes both tests, then reinstall it.
Between the timing and OCV, you should find the problem. If you don't, then check the connection to the OCV. If it is damaged, then you will need to replace the connector.
If your ECM is throwing the P0016 code, than the above steps will most likely expose the problem. It should either be a timing belt allignment issue, a bent locator pin, or a bad OCV.
Good Luck!!