Hyundai has closed a factory in South Korea on Friday after an employee tested positive for coronavirus, disrupting production of well-known models such as Palisade sport utility vehicle. Shares of the automaker dropped down over 5% following the news, while the wider market dropped 3.3%. The closing dealt a fresh setback to the automaker, which has […]
Hyundai
Some South Korean Samsung, Hyundai employees self-quarantine
Some South Korean workers at Samsung Electronics and Hyundai Motor are staying home as a precautionary measure as South Korea scrambles to avoid the coronavirus outbreak from causing widespread disruption in the country. About 1,500 employees of Samsung Electronics’ phone complex in the southeastern city of Gumi have self-quarantined after one of its employees was […]
Kia owner’s car caught fire without being in wreck
Kia owner said his 2015 Kia Optima caught fire without being in a wreck. Lamar McLaughlin said he bought the car used, took it home the next day and had it home an entire hour. “Backed it in my driveway, sitting in it, loving it, can’t wait to clean it up,” stated McLaughlin. “Didn’t smell […]
Kia recalls over 200,000 automobiles due to electrical problems
Kia is joining its affiliate Hyundai in initiating a recall of thousands of SUVs and minivans in the U.S. because water can get into a brake computer, result in an electrical short and possibly a fire. The Kia recall covers almost 229,000 Sedona minivans from the 2006 through 2010 model years. The recall also cover […]
Hyundai chairman to quit board seat as succession nears
Hyundai Motor Chairman Mong-Koo Chung prepares to give up his board seat, in the recent indication that the octogenarian patriarch of South Korea’s second-largest conglomerate is moving forward to hand the reins over to his son. The company stated on Wednesday it would propose Chief Financial Officer Kim Sang Hyun as a replacement for Mong-Koo […]
Hyundai signs development deal with electric car startup Canoo
Korean automaker Hyundai Motor expanded its future transportation portfolio with an agreement to jointly develop electric vehicles with California startup Canoo, the companies stated last week. It was the second such deal declared in recently by Hyundai and sister company Kia Motors, which in mid-January stated they would spend $110 million in UK startup Arrival […]
Kia in talks to spend over $1.1 billion to move a plant within India
South Korea’s Kia Motors is in discussion with the Indian state of Tamil Nadu regarding the possibility of moving a $1.1 billion plant out of neighboring Andhra Pradesh. The move comes after a few months after it fully opened, because of policy changes last year, sources knowledgeable with the talks informed Reuters. Kia inaugurated the […]
Hyundai and Kia Motors to keep Chinese plant idled until February 16
Hyundai Motor and affiliate Kia Motors plan to resume production at their Chinese factories on February 17, a representative said on Friday. They suspended Chinese production because of the coronavirus outbreak. The five-plant network of Hyundai is capable of making 1.4 million vehicles per year, in a coastal location facilitating importing components and exporting vehicles […]
Hyundai to stop South Korea output due to coronavirus outbreak
Hyundai Motor said it will suspend production in South Korea due to coronavirus outbreak which has disrupted the supply of parts, becoming the first major automaker to do so outside of China. The virus has infected thousands and has killed over 400 people in China. In China, many international automakers have already extended factory closures […]
Elliott Management sells stakes in Hyundai Motor companies
Elliott held over $1 billion worth of shares in the company. Elliott Management sold its shares in Hyundai Motor companies last year after it was thwarted in its campaign for huge special dividends and board seats. The U.S. activist hedge fund was not one of the December 2019 year-end list of shareholders at any of […]
Hyundai Motor turns in best quarter since early 2017
Hyundai Motor turned in its best quarterly operating profit in more than two years and stated it was on its way for higher profit margins in 2020, powered by more sales of sport-utility vehicles (SUVs) including the Palisade and Kona. The better-than-expected operating revenues, which fueled an increase in shares, signal measures by Hyundai Motor […]
Hyundai, Kia backs electric van startup Arrival Ltd with $110 million investment
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
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, Kia sales drop to seven-year low, but has hopes for better 2020
South Korean automaker Hyundai Motor and affiliate Kia Motors turned in their lowest sales in seven years in 2019 as their sales in China slumped, missing their target for a fifth straight time, but forecast better figures for 2020. Weak 2019 sales speak about the challenges Hyundai Motor Group has been dealing with, including a […]
Hyundai Development’s consortium closes $2.2 billion acquisition of Asiana Airlines
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, […]
