October 2, 2000 |
Hyundai Motor Co., South Korea's largest auto maker, said Sunday that it plans to invest more than $1 billion to build its first plant in the U.S. The car maker is planning a U.S. plant capable of producing 300,000 vehicles a year and expects to begin production in 2003, Hyundai Motor Chairman Chung Mong Koo said at the Paris car show last week, according to a spokesman. The car maker had not yet selected a site. Hyundai Motor has spent a decade trying to raise its reputation in the U.S.
June 26, 2000 |
U.S.-German auto giant DaimlerChrysler will acquire a 10% stake in South Korea's leading car maker, Hyundai Motor Co., for $428 million, both sides said today. The deal was aimed at strengthening Hyundai's strategy to become a global player by ranking among the top five auto makers by 2010. The tie-up also boosted chances of a joint bid to be submitted by the two firms to buy debt-ridden Daewoo Motor Co. in an international auction due today.
May 10, 2000 |
Once-lowly Hyundai Motor Co., the auto maker that gave South Korean cars a black eye in the U.S. a decade ago, has quietly surged past a sliding Mazda Motor Corp. to become the No. 5-selling Asian brand in the country. It is a symbolic victory, as Hyundai so far specializes in subcompact and compact cars that don't compete with much that the Japanese offer. But in a market in which appearance counts, outselling a well-known brand such as Mazda is an important symbol nonetheless.
December 23, 1999 |
Ford Motor Co. said on Wednesday that it is interested in buying Daewoo Motor Co., prompting the South Korean government to solicit bids for its No. 2 auto maker rather than negotiate exclusively with General Motors Corp. Ford will send its top Asia executive, Paul Drenkow, back to Seoul to talk with holders of Daewoo Motor's bonds and loans in early January, a month after he began talks with the creditors. Daewoo has more than $16 billion in debt.
July 9, 1999 |
The National Highway Traffic Safety Administration said Thursday it has begun an inquiry into the air bag-related deaths of seven children riding in Hyundai Motor Co.'s 1995-97 Accent economy cars. The agency has been concerned that air bags deploy and inflate with such force that the impact can injure or even kill a small child or adult.
July 8, 1999 |
Auto makers have tried just about everything to persuade women to embrace car buying, from running slick ad campaigns to redesigning door latches for long fingernails. Hyundai Motor America, stuck with a tiny budget and an enormous image problem, is taking an unconventional, grass-roots approach to winning female consumers.
January 13, 1999 |
The giant Tuttle-Click Automotive Group has picked up franchises for Hyundai and Suzuki dealerships in the Irvine Auto Center, signaling renewed confidence in the two car makers. The Irvine-based chain had dropped the same franchises five years ago, citing poor sales. But American Suzuki Motor Corp.'s new mini sport-utility vehicle, the V-6 powered Grand Vitara, and Hyundai's improved quality and industry-leading warranty program are rekindling buyer interest.
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.
December 24, 1998 |
Ford Motor Co., the world's second-largest auto maker, said it sold its 9.4% stake in bankrupt Kia Motors Corp., which was taken over this month by rival Hyundai Motor Co. Ford was Kia's largest shareholder, with a stake it valued in October at $110 million. Hyundai, South Korea's biggest auto maker, outbid Ford and other companies for control of Kia in October and later asked Ford to consider additional investments. Wednesday's sale made such investments less likely.