Hyundai, Kia backs electric van startup Arrival Ltd with $110 million investment

Arrival Ltd

South Korea’s Hyundai Group is backing a UK electric vehicle startup that plans to start selling battery-powered delivery vans in 2021, the companies stated last week. Hyundai Motor and sister firm Kia Motors are making an investment of 100 million euros ($110 million) in Arrival Ltd. Founded in 2015 and based in London, Arrival has […]

Hyundai reveals first Genesis SUV, making further expansion overseas

2021 Genesis GV80

Hyundai Motor revealed the first sport-utility vehicle (SUV) under its Genesis brand on Wednesday, move analysts stated was an important move for the automaker’s expansion in overseas markets. The brand spun off in 2015, is an initiative of Hyundai Motor Group heir-apparent Euisun Chung is dedicated to revamping the image of the value-for-money automaker. However, […]

Hyundai Development’s consortium closes $2.2 billion acquisition of Asiana Airlines

HDC Hyundai Development Company logo

South Korean Seol-based Hyundai Development Company (HDC) stated on Friday its consortium has closed on its 2.5 trillion won ($2.16 billion) acquisition of a controlling stake in the nation’s second-biggest carrier Asiana Airlines Inc. Hyundai Development stated out of the 2.5 trillion won its consortium with Mirae Asset is going to pay for the acquisition, […]

Hyundai suspends bridge project in Chile in a row with government

Chile images

Chile’s finance minister has sought to underestimate a row between the government and Hyundai over a $740 million suspension bridge, stating that disputes in such mega projects were “quite common”. Hyundai Engineering and Construction (HDEC) stated on Monday it had suspended construction of the bridge, which will link the Chilean island of Chiloe to the […]

Hyundai’s $1.8 billion deal with Daewoo hits EU antitrust hurdle

Daewoo Shipbuilding & Marine Engineering logo

Hyundai Heavy Industries Holdings’ $1.8 billion merger with competitor Daewoo could inflate costs, EU antitrust regulators cautioned on Tuesday as they started a full-scale investigation. Hyundai is looking forward to reinforce its position as the world’s biggest shipbuilder partly in response to overcapacity in the industry. The merged company would be having a 21% market […]

Hyundai’s $1.8 billion deal with Daewoo faces EU probe

Daewoo Shipbuilding & Marine Engineering logo

World No. 1 shipbuilding group Hyundai Heavy Industries Holdings’ $1.8 billion merger with competitor shipbuilder Daewoo will deal with a full-scale investigation in Europe because of severe EU antitrust concerns, two people knowledgeable with the matter stated on Monday.  Hyundai in January declared the deal to form the world’s biggest shipbuilder with a 21 percent […]

Hyundai to make Santa Cruz pickups at Alabama plant as a part of expansion strategy

Images of Hyundai Santa Cruz Pickup Truck

Hyundai Motor is going to start making its Santa Cruz pickup trucks at its U.S. factory in 2021, with an investment of about $410 million, as it looks forward to a foothold in the popular, but highly competitive, sector led by U.S. competitors. The Alabama factory expansion was declared as President Donald Trump is expected […]

Hyundai, Kia sue four big U.S. railroads for fuel surcharges

Kia motors logo

Hyundai Motor and its Kia affiliate have taken legal action against the four largest U.S. railroads, alleging them of violating U.S. antitrust law by conspiring to drive up shipping costs though coordinated fuel surcharges. The South Korean automakers submitted three lawsuits on Monday alleging BNSF, CSX Corp, Norfolk Southern and Union Pacific of putting the […]