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BUSINESS
March 27, 2006 | From Bloomberg News
Shares of Hyundai Motor Co. and two of its affiliates fell after state prosecutors launched an investigation into allegations that the companies used illegal funds to lobby the government. Prosecutors on Saturday raided the offices of Hyundai Motor, South Korea's largest automaker, and its Kia Motors Corp. and Glovis Co. units, Hyundai Motor spokesman Lee Ki-hoon said Sunday. He declined to elaborate. Hyundai Motor shares fell 2.7%, while Kia shares fell 3.2%.
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AUTOS
April 3, 2013 | By Ronald D. White
When Hyundai Motor Co. and its affiliate, Kia Motors Corp., announced Wednesday that they were conducting a massive recall of 1.7 million vehicles, it was a sign of what can go wrong when parts are shared by many vehicle models. Since the recession, according to automotive industry analysts, more and more manufacturers have turned to the economies of scale involved in having fewer vehicle platforms and more interchangeable parts and components. "This is supposed to be the ideal for making cars now," said Jesse Toprak, analyst for TrueCar.com.
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BUSINESS
April 20, 2006 | From Reuters
South Korea's biggest carmaker, Hyundai Motor Co., apologized on Wednesday for a deepening bribery scandal and said its chairman's family would donate $1 billion in shares of an affiliate to charity. Prosecutors are investigating whether Hyundai operated slush funds and offered cash for political favors via a lobbyist.
BUSINESS
September 2, 2009 | Martin Zimmerman
Hailed as a jump-start for the U.S. economy, the federal government's "cash for clunkers" gave the biggest boost to foreign automakers. Overall, auto sales in August were the highest in more than a year, according to industry figures released Tuesday. Carmakers sold more than 1.2 million cars and trucks, up 1% from the same month last year and the first year-over-year sales gain since August 2007. Much of that was a result of the clunkers program, which ran July 24 to Aug. 24 and provided hefty government rebates to consumers who traded in gas guzzlers for more fuel-efficient new vehicles.
CALIFORNIA | LOCAL
May 23, 2005 | From Times Wire Reports
Chung Se Yung, 76, former chairman of the Hyundai Motor Co., South Korea's largest automaker, died of pneumonia Saturday at a hospital in Seoul. Chung, who was treated for lung cancer in 2000, was hospitalized recently because of complications from a severe cold, Hyundai Development Co. said in a statement. The younger brother of the late Hyundai Group founder Chung Ju-yung, Chung managed the automotive arm of what once was South Korea's largest family-run business for 32 years.
BUSINESS
April 3, 2002
Hyundai Motor Co. picked Alabama as the site for its first U.S. plant. The $1-billion factory will employ 2,000 and make 300,000 autos a year when it opens in 2005.
BUSINESS
July 26, 1993 | From Times Staff and Wire Reports
Hyundai Labor Dispute Ended: A labor dispute that disrupted production for more than a month at Hyundai Motor Co., South Korea's largest auto maker, ended Friday when workers approved a new wage contract. The approval defused the first major labor crisis for President Kim Young-sam's new government and was expected to have a calming effect on six other Hyundai firms.
BUSINESS
October 19, 1998 | Bloomberg News
Hyundai Motor Co., South Korea's biggest auto maker, won an auction for insolvent Kia Motors Corp., offering the highest bid among four candidates, Kia said. An unnamed Hyundai official said the company asked creditors to write off more than $5.3 billion of Kia debt.
NEWS
May 30, 1988
About 20,000 South Korean workers seeking higher wages went on strike at Hyundai Motor Co.'s assembly plant in Ulsan, the nation's largest auto maker reported. Officials said the production line at the plant stopped after the breakdown of the seventh round of management-union talks that began May 18. The union is seeking an increase of 48%, or $183, in monthly earnings.
BUSINESS
January 9, 2008 | From the Associated Press
Hyundai Motor Co. launched its rear-wheel drive Genesis luxury sedan Tuesday, a car the South Korean company sees as its ticket into the ranks of the world's top-end automakers. Hyundai preceded the introduction by showing a promotion film featuring a decidedly James Bond-like actor driving the sleek, road-hugging vehicle. The screen then receded to reveal an orchestra and three South Korean tenors who gave a live performance of "Nessun dorma," an aria from Puccini's opera "Turandot."
BUSINESS
September 7, 2007 | Don Lee, Times Staff Writer
In South Korea, the rule of law was no match for the strength of Hyundai Motor Co. Convicted of embezzling $110 million, Hyundai Chairman Chung Mong-koo was deemed too important to South Korea's economy to be sent to prison, an appeals court ruled late Thursday. The three-judge panel suspended his three-year prison sentence, a decision denounced by corporate reform activists. "It's ridiculous and shameful," Kim Sang-jo, a professor at Hansung University in Seoul, said today of the ruling.
BUSINESS
June 5, 2007 | From the Associated Press
When it comes to car quality, think Korean. Hyundai Motor Co. leads in four categories with five models in the annual vehicle quality study released Monday by Strategic Vision Inc., a San Diego-based market research company and consultant to automakers. Hyundai's rise in the rankings is only the latest sign of the improved overall quality and declining number of defects in today's cars and trucks, said David Cole, chairman of the Center for Automotive Research in Ann Arbor, Mich.
CALIFORNIA | LOCAL
May 24, 2007 | Christine Hanley, Times Staff Writer
The family of a professional musician killed in a hit-and-run accident in Orange County filed a lawsuit Wednesday against Hyundai Motor America, alleging that company officials helped one of their colleagues leave the country before he could be questioned by police. Wylie A.
BUSINESS
April 5, 2007 | From Bloomberg News
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.
BUSINESS
March 14, 2007 | From Bloomberg News
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.
BUSINESS
January 7, 1997 | Times Staff and Wire Reports
Mountain View-based Silicon Graphics Inc. said it expects to break even, below analysts' expectations, in its fiscal second quarter after failing to meet demand for its newest computers because of manufacturing delays. . . . Hyundai Motor Co. said it named M.H. Juhn president of Hyundai Motor America, which is based in Fountain Valley. . . . Irvine-based Kia Motors America named Woon Keun Kim president and chief executive.
BUSINESS
February 6, 2007 | From the Associated Press
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.
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