U.S. prosecutors investigate Hyundai car recalls
Hyundai Motor and affiliate Kia Motors are being investigated by U.S. prosecutors over if vehicle recalls were conducted appropriately, a person stated and documents reviewed by Reuters revealed. Shares of the South Korean firms dropped on Thursday on concerns the investigation could lead to fines and more recalls, while industry data revealing a sharp drop
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Elliott calls on Hyundai to increase returns, review assets
Hedge fund Elliott on Tuesday renewed pressure on Hyundai Motor, prompting it to return $10.6 billion of capital to shareholders and look forward to sell non-core assets, consisting of costly land it bought in Seoul for new headquarters. The call came after Hyundai posted a drop in third-quarter revenues in late October, hitting its shares
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Hyundai, Kia Motors to develop new solar charging technology
Hyundai Motor and its affiliate Kia Motors are preparing to launch a solar charging technology for some Hyundai vehicles to fulfill global emission regulation targets, the South Korean automakers stated. Solar panels are going to be mounted on the roof or hood of the vehicles, the companies stated. The companies are introducing three solar charging
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U.S. Senate panel wants to question Hyundai, Kia over engine fires
The Senate Commerce Committee’s Republican chairman and ranking Democrat stated on Wednesday they had asked top U.S. executives at Hyundai Motor and Kia Motors to testify at a November 14 hearing on reports of engine fires associating vehicles from these two automakers. The call to testify comes after safety advocates raised issues about fires in
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Hyundai is setting a new benchmark with fourth-generation Santa Fe
Hyundai is “setting a new benchmark” in the SUV segment with the release of the all-new fourth-generation Santa Fe, as per a statement yesterday. With this, the company is providing customers outstanding design, innovative technology and the recent safety features, while maintaining the popular model’s reputation for excellent value. Starting with the launch of its
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Hyundai to sell 1,000 hydrogen-powered trucks in Switzerland in five years
Hyundai Motor stated on Wednesday it is going to sell 1,000 hydrogen-powered trucks in Switzerland during the next five years through a new tie-up, betting the vehicles could defeat battery-powered models sold by those such as Tesla Inc. South Korea’s Hyundai and Japan’s Toyota are one of a handful of automakers doubling down on hydrogen
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Elliott Management calls for fresh restructuring at Hyundai Motor Group
U.S. activist hedge fund Elliott Management made new propositions to restructure Hyundai Motor Group on Friday, renewing pressure on the South Korean conglomerate months after forcing it to abandon its own strategy. Elliott, which owns $1.5 billion worth of shares in three Hyundai group companies, called for a committee to evaluate its proposals with other
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Hyundai to deliver China-made cars to Southeast Asia
Hyundai Motor prepares to ship China-made vehicles to Southeast Asia, its China joint venture and two people knowledgeable with the matter informed Reuters, as a plunge in Chinese sales has left a lot of its massive local manufacturing capacity idled. Hyundai once ranked third by China sales along with affiliate Kia Motors. But just as
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U.S. appeals court to reconsider decision on Hyundai-Kia gas mileage
A U.S. appeals court will think again its decision to throw out a $210 million nationwide class-action settlement for owners of Hyundai Motor and Kia Motors vehicles whose fuel economy was inflated. The 9th U.S. Circuit Court of Appeals in San Francisco on Friday stated a January 23 decision by a three-judge panel to decertify
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As Hyundai struggles, its labor union indicates signs of softening
When employees at South Korea’s Hyundai Motor went on strike during 2017, the stoppage lasted 24 days, triggered months of negotiations and netted them their smallest raise in almost a decade. This week, after just two days on strike, their significant union agreed to a deal prior the summer holidays, the first time in eight
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Hyundai Motor reaches a tentative wage deal with South Korean labor union
Hyundai Motor has reached a tentative wage deal with its South Korean labor union, a company spokesperson stated. The agreement requires an approval from its union members. The over 50,000-member union in early July voted for strike action, but it stated it aimed to reach a wage deal prior the summer holidays which start late
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Hyundai to set up showroom on Amazon
Hyundai Motor stated on Wednesday it is going to set up a showroom on Amazon.com that will assist car purchasers book test drives, check dealer inventories and compare costs and reviews. The showroom will run through Amazon Vehicles, a platform the world’s biggest online retailer launched in 2016, for others to research on cars, auto
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Hyundai Motor’s union votes to strike following failure of wage talks
Hyundai Motor’s unionized workers in South Korea voted to strike over stalled wage talks, adding to the woes of the company that is bracing for possible new U.S. tariffs amid falling profits. Its shares slid to eight-year lows following the union, which has voted to strike annually for the last six years, stated on Monday
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Hyundai cautions U.S. car tariffs can harm security ties over North Korea
Hyundai Motor cautioned the U.S. administration that enforcing up to 25 percent tariffs on imported vehicles from South Korea would harm a security alliance between the two countries over North Korea’s nuclear ambitions. The tariffs would hike production expenses at Hyundai’s U.S. factory by about 10 percent and “jeopardize” its U.S. investment strategy, the top
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Hyundai says reviews investing in contract car manufacturing
Hyundai Motor on Monday carried out due diligence on a contract car manufacturing plant site for potential investment, as the South Korean firm seeks ways to reduce costs and conserve capital to make new technologies such as electric vehicles. The move comes after Hyundai’s announcement on Friday that it had submitted a letter of intent
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