April 5, 2007 |
Hyundai Motor Co., working to grow beyond its reputation for economy cars, said it would begin selling a high-end sedan in the U.S. in 2008 to compete with luxury brands such as Toyota Motor Corp.'s Lexus. Hyundai expects the Genesis concept, unveiled at the New York International Auto Show, to capture sales from some Lexus models as well as DaimlerChrysler's Mercedes-Benz E-Class. Some Genesis models may cost about $35,000.
March 14, 2007 |
Hyundai Motor Co. plans to be producing 300,000 gasoline-electric or diesel-electric powered vehicles annually by 2015. The company aims to develop cars with fuel efficiency that is 50% greater than current models, the South Korean Ministry of Commerce, Industry and Energy said. The plan includes production from Hyundai affiliate Kia Motors Corp. Hyundai is trying to catch up with Japanese automakers Toyota Motor Corp. and Honda Motor Co., which already sell hybrid vehicles.
February 6, 2007 |
Hyundai Motor Co. Chairman Chung Mong-koo, who was handed a surprise three-year jail term for high-profile corruption, won't be donning prison garb anytime soon and for now remains in control of the troubled automaker. Chung, convicted Monday of embezzling the equivalent of more than $100 million in company funds, plans to appeal the ruling, a process expected to take six months to two years. He will be free during that time to run the company.
February 5, 2007 |
Hyundai Motor Co. Chairman Chung Mong-koo was convicted today of embezzlement and other charges and sentenced to three years in prison in a slush fund scandal that has weighed on South Korea's largest automaker. Prosecutors, who have been taking a hard line on corruption in South Korea, last month sought a six-year jail term, calling Chung's crimes "grave."
May 17, 2006 |
Prosecutors indicted Hyundai Motor Co. Chairman Chung Mong-koo in a scandal gripping South Korea's largest automaker. Chung, who has been in custody since his April 28 arrest, was charged with embezzlement and breach of trust, a government spokesman said without disclosing the specific amounts of money involved in those charges. The executive's son, Chung Eui-sun, president of Hyundai affiliate Kia Motors Corp., has been investigated but was not indicted Tuesday.
April 28, 2006 |
Prosecutors sought to arrest Hyundai Motor Co. Chairman Chung Mong-koo in a bribery and slush fund scandal engulfing South Korea's largest automaker. The company's shares fell 3% and it delayed its first-quarter earnings announcement. The request for an arrest warrant for the 68-year-old Chung is subject to court approval. The Seoul District Court said a hearing was scheduled for today.