South Korean prosecutors on Wednesday raided the office of Hyundai Motor’s quality division located in southern Seoul as part of an investigation into how the automaker and affiliate Kia Motors managed vehicle recalls over engine defects, Chosun Biz reported. In 2017, South Korean civic group YMCA submitted a complaint with prosecutors accusing the automakers delayed […]
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South Korean city green lit revised plan for low-wage JV with Hyundai
A South Korean city council on Wednesday agreed to a revised plan for a low-wage automaking joint venture with Hyundai Motor, establishing the stage for the building of the automaker’s first factory at home in more than two decades. The proposed plant in the southwestern city of Gwangju remains in line with Seoul’s policy to […]
Hyundai Motor to cut China jobs after drop in sales
Hyundai Motor stated its Chinese joint venture (JV) is accepting voluntary retirements and evaluating various “optimization plans” at its factories after a decline in car sales in the major market. China saw its first auto sales contraction in over than two decades in last year as pressure from a crippling trade war with the United […]
Hyundai, Kia issue recall of 168,000 vehicles in U.S. for fire risks
Hyundai Motor and affiliate Kia Motors stated they will recall about 168,000 U.S. vehicles at risk of fuel leaks, following the recall of them in 2017 for engine fire risks, and will provide software upgrades for 3.7 million vehicles. A high-pressure fuel pipe may have been harmed or improperly installed as part of an engine […]
Hyundai observes Russia auto market growth slowing in next year
South Korea-based automaker Hyundai Motor expects growth in the Russian auto market to reduce significantly in 2019, the head of its Russian branch said on Monday. Automakers have warned Russia’s strategy to raise value added tax in next year would hit vehicle sales, which have recently just started to recover from four years of stagnation. […]
Hyundai to open car plant in Indonesia for building EVs
Hyundai Motor prepares to start producing electric vehicles (EVs) in Indonesia as part of an around $880 million auto investment in the nation, the deputy minister for industry stated on Thursday. Hyundai’s move to install its first car factory in Southeast Asia fits into the South Korean automaker’s strategy of curbing its reliance on China, […]
Hyundai to provide suppliers with $1.5 billion in funding
Hyundai Motor plans to issue funding worth 1.7 trillion won ($1.5 billion) to stabilize management of its providers, the company stated on Thursday. The funding is designed to also encourage research and development and innovation by the suppliers.
Hyundai hopes Palisade large SUV to spearhead sales recovery in U.S.
Hyundai Motor on Tuesday started South Korean sales of its Palisade large sport utility vehicle (SUV), a model it hopes would spearhead a sales recovery in the United States when released in its major overseas market next year. Consumer preferences have shifted swiftly to SUVs in recent times, impacting Hyundai with its sedan-heavy line-up. The […]
Two R&D vice chairmen of Hyundai offer to resign
Hyundai Motor’s two vice chairmen in charge of research and development (R&D) have offered to resign, three people knowledgeable with the matter informed Reuters. R&D president Albert Biermann is likely to be selected as the new head of the division, two of them said, refusing to be named as they are not authorized to discuss […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
