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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Elliott Management set to vote against Hyundai restructuring plan
U.S. activist fund Elliott Management has stated it will vote against Hyundai Motor Group’s restructuring plan and prompted other shareholders to decline the proposal to reform South Korea’s second-largest conglomerate. A Hyundai Motor Group executive replied that the proposed arrangements to simplify the carmaker’s complex ownership structure would not modify and promised higher returns for
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Elliott, Hyundai Motor to cancel $890 million in treasury shares
Hyundai Motor stated on Friday it will cancel $890 million worth of treasury shares, its first stock cancellation in 14 years – a strategy that comes amid shareholder pressure to enhance returns, restructure and bounce back from dismal revenues. The cancellation is an initial victory for U.S. hedge fund Elliott Management, the most well-known among
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South Korea antitrust chief calls Elliott’s Hyundai demand “inappropriate”
South Korea’s antitrust chief on Thursday stated U.S. activist fund Elliott Management’s proposal for Hyundai Motor Group to embrace a holding company structure was “inappropriate” and, if applied, would be in infraction of antitrust law. The proposal consists of Hyundai’s financial subsidiaries that comes under the ownership of a non-financial entity, which is restricted by
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Activist hedge fund Elliott boosts pressure on Hyundai
U.S. activist hedge fund Elliott Management rejected Hyundai Motor Group’s restructuring plan as insufficient on Monday and called on the South Korean conglomerate to embrace a holding company plan and appoint more independent board members. Elliott disclosed recently that it holds over $1 billion worth of shares in three major affiliates of Hyundai Motor Group
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Hyundai to communicate shareholders and investors for restructuring plan
Hyundai Motor stated it would keep communicating with shareholders and investors, including Elliott Management, regarding its proposed restructuring plan. “Hyundai Motor Group will keep communicating with shareholders and investors across the world, including Elliott Management, to describe the underlying goal and requirements of the proposed restructuring plan,” it stated on Monday. U.S. activist hedge fund
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