May 13, 2004 |
DaimlerChrysler has decided to sell its 10.5% stake in South Korea's Hyundai Motor Co. and is sharply scaling back other aspects of their 4-year-old partnership, the companies said. The two automakers have agreed to "realign the alliance in order to reflect more realistically current market conditions," the companies said in a joint statement. Hyundai has been one part of Daimler Chief Executive Juergen Schrempp's effort to build a global auto giant with a presence in major markets worldwide.
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.
September 21, 2002 |
AUTOMOBILES * DaimlerChrysler is paying more than $1.1 billion for stakes in commercial vehicle businesses being spun off by Japan's Mitsubishi Motors Corp. and South Korea's Hyundai Motor Co., a move intended to strengthen the German American auto maker's position in the growing Asian market. DaimlerChrysler said it will buy a 43% stake of the Mitsubishi spinoff, to be called Mitsubishi Fuso Truck and Bus Corp., for about $750 million.
CALIFORNIA | LOCAL
January 6, 1998
A candlelight vigil scheduled tonight to pressure the Korean Government to release imprisoned journalist Richard Choi may not occur because the Los Angeles resident could be freed before the event begins, a Korean government spokesman said. Choi, a talk show host based in Los Angeles, was arrested Dec. 19, four days after he reported rumors that Hyundai Motor Co. and a multimedia giant were about to merge.
November 5, 1997 |
Hyundai Motor Co., South Korea's biggest auto manufacturer, said Tuesday that it will cut 5,000 jobs--a ninth of its work force--by 2000 amid rising costs and increasing competition. The move comes as Hyundai braces for fiercer rivalry. The fledgling Samsung Motor Inc. could take over near-bankrupt Kia Motors Corp. to quicken the pace for the new entrant to leap into the major league, analysts said.
January 6, 1999
Just weeks after bankrupt Kia Motors Corp. was taken over by rival Hyundai Motor Co., a Hyundai official has been named chief executive of Irvine-based Kia Motors America, the North American import and distribution arm of the Seoul-based auto maker. B.M. Ahn becomes president and CEO of Kia Motors America, succeeding W.K. Kim, who had held the positions for nearly two years. Ahn was with Hyundai Precision & Industry Co., heading the export business division for the European and Russian markets.
January 28, 2003 |
Hyundai Motor Co. said Monday that it would begin construction this year on a $50-million center in the Mojave Desert near California City to test vehicles being designed for North America. The facility, to be operated by the South Korean automaker's Hyundai American Test Center Inc., will be used by Hyundai and its Kia subsidiary and is expected to employ 40 people. Construction is expected to be completed late next year.