Hyundai: Sales, Marketing, and Financial News
04-18-2005, 05:27 PM
#41
I feel the need...
I've yet to be tempted by the other "H" - their crashworthiness still remains suspect.
They have strange new car smells too....sit in one and you'll know what I mean.
They have strange new car smells too....sit in one and you'll know what I mean.
04-18-2005, 06:53 PM
#42
The sizzle in the Steak
Originally Posted by PistonFan
I've yet to be tempted by the other "H" - their crashworthiness still remains suspect.
They have strange new car smells too....sit in one and you'll know what I mean.
They have strange new car smells too....sit in one and you'll know what I mean.
04-18-2005, 06:56 PM
#43
I feel the need...
Originally Posted by Moog-Type-S
You have peaked my interest...I will be heading down to a Hyundai dealer in the near future to "smell" the cars.
Get back to me on that...kind of like a cross between ripe kimchee and cheap plastic...
04-18-2005, 07:29 PM
#44
Originally Posted by CGTSX2004
I have no interest in the Santa Fe or Tuscon, but can attest to the fact that the Accent, Elantra, and Tiburon have interior materials and quality that is no better than the GM parts bin stuff.
However, their build quality might actually be better than the American manufacturers.
In fact, the Hyundai XG350 is a very nicely pieced together car.
However, their build quality might actually be better than the American manufacturers.
In fact, the Hyundai XG350 is a very nicely pieced together car.
It's good that they're opting for safety features over lower quality materials to pass on to the customers, but at this point in the game, they should be offering both. Price alone will not get customers into showrooms. And this slight lead won't last long - Honda is planning to up the ante on standard safety across its model lineup. Once that happens, Hyundai will find itself behind the leaders again.
04-18-2005, 07:30 PM
#45
Originally Posted by PistonFan
I've yet to be tempted by the other "H" - their crashworthiness still remains suspect.
They have strange new car smells too....sit in one and you'll know what I mean.
They have strange new car smells too....sit in one and you'll know what I mean.
04-20-2005, 10:40 AM
#47
go like hell
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in my opinion Hyundai and Kia are a poor man's Honda or Toyota. if you look at the fit and finish of the Kia or Hyundia it's about equal to a Ford or Dodge. it's nothing awesome. the motor is usually underpowered. Everyone I've talked to that had Kias or Hyundais except one Hyundais when they traded the cars in they weren't returning to the Kia or Hyundai brand. 
04-20-2005, 11:30 AM
#48
The sizzle in the Steak
Originally Posted by PistonFan
Get back to me on that...kind of like a cross between ripe kimchee and cheap plastic...
01-17-2006, 01:33 PM
#49
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Hyundai's CEO gone
Cosmai out as Hyundai CEO - - By Mark Rechtin - - Source: Automotive News
LOS ANGELES -- Hyundai Motor America said that CEO Bob Cosmai is no longer employed by the company. The automaker did not say if Cosmai resigned or was fired.
In his place, Hyundai has installed O.S. (Owen) Koh as CEO. In a release, Hyundai said Koh was named CEO "to streamline the decision-making process, enhance communication and position the company for future growth."
Koh came to Hyundai Motor America in 2005 as chief executive coordinator. Previously, he was CEO of Translead, a Hyundai Motor Co. subsidiary in San Diego.
The top American executive will now be Keith Duckworth, with the title of acting COO. He will maintain his post as deputy president of Hyundai Motor Manufacturing Alabama.
Cosmai, 57, joined Hyundai from Acura Division in 1998, as vice president of sales. He was promoted to CEO in 2003 after the departure of Finbarr O'Neill to Mitsubishi Motors North America Inc.
When Cosmai joined Hyundai in 1998, the automaker's sales had been floating at the 90,000-unit level for several years. Hyundai even had been considering abandoning the United States.
But O'Neill, Cosmai and several other key American executives launched a turnaround plan -- fronted by a 10-year, 100,000-mile warranty -- and sales have soared every year since. In 2005, Hyundai sold 455,012 units, up 8.7 percent.
In an interview last week at the Detroit auto show, Cosmai was confident that Hyundai was on track to break 500,000 units in 2006. Hyundai Motor Co. has said it expects its U.S. subsidiary to hit 1 million sales in 2010.
In his place, Hyundai has installed O.S. (Owen) Koh as CEO. In a release, Hyundai said Koh was named CEO "to streamline the decision-making process, enhance communication and position the company for future growth."
Koh came to Hyundai Motor America in 2005 as chief executive coordinator. Previously, he was CEO of Translead, a Hyundai Motor Co. subsidiary in San Diego.
The top American executive will now be Keith Duckworth, with the title of acting COO. He will maintain his post as deputy president of Hyundai Motor Manufacturing Alabama.
Cosmai, 57, joined Hyundai from Acura Division in 1998, as vice president of sales. He was promoted to CEO in 2003 after the departure of Finbarr O'Neill to Mitsubishi Motors North America Inc.
When Cosmai joined Hyundai in 1998, the automaker's sales had been floating at the 90,000-unit level for several years. Hyundai even had been considering abandoning the United States.
But O'Neill, Cosmai and several other key American executives launched a turnaround plan -- fronted by a 10-year, 100,000-mile warranty -- and sales have soared every year since. In 2005, Hyundai sold 455,012 units, up 8.7 percent.
In an interview last week at the Detroit auto show, Cosmai was confident that Hyundai was on track to break 500,000 units in 2006. Hyundai Motor Co. has said it expects its U.S. subsidiary to hit 1 million sales in 2010.
01-17-2006, 03:53 PM
#53
The sizzle in the Steak
Wow! This is big news.
Wonder how much this guy was resposible for in terms of turning Hyundai into a juggernaut?
Wonder how much this guy was resposible for in terms of turning Hyundai into a juggernaut?
01-17-2006, 08:34 PM
#59
Safety Car
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Wasn't there a story a while back that Hyundai execs promoted family members to high positions rather than the most qualified people. Maybe they needed to open up a position for cousin owen.
Last edited by heyitsme; 01-17-2006 at 08:37 PM.
02-27-2006, 05:02 PM
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Hyundai concerned about PROFIT, Won-USD exchange rate
http://yahoo.businessweek.com/magazi...0/b3974077.htm
Later in the article, it talks about quality being up on top, finally, for Hyundai.
Even as Hyundai's sales have soared, operating margins narrowed to 4.1% in the latest quarter, down from 9.9% in the second quarter of 2004. For 2005, profits fell by nearly a third, to $1.43 billion. Hyundai executives blame a strengthening currency as Seoul has stopped intervening to hold the won down. The won now stands at around 970 to the U.S. dollar, 22% stronger than two years ago and nearly double what it was in 1998. "We've met all the targets in our control: production, sales, and market share," says Senior Vice-President Hwang Yoo No. "But the revaluation of the won has been too fast."
Later in the article, it talks about quality being up on top, finally, for Hyundai.
02-27-2006, 07:18 PM
#62
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As Hyundai continues to move more and more manufacturing to the U.S. (as they've done with the new Sonata), they'll continue to insulate themselves from the hights and lows of it's currency.
04-18-2006, 11:12 AM
#64
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Corruption within Hyundai...
Hyundai-Kia Diverted Taxpayers' Money
By Lee Hyo-sik
Staff Reporter
Source: Korea Times
Prosecutors on Friday detained two former executives of the state-run Korea Development Bank (KDB) for allegedly taking bribes from Hyundai Automotive Group in return for helping write off bad debts of the group's affiliates.
Park Sang-bae, former KDB deputy governor, was detained on charges of receiving kickbacks from the automaker in 2001-02 for letting his bank forgive part of the non-performing debts of machinery company Wia and parts-maker Aju Metal.
Investigators also detained Rhee Sung-kun, former KDB director on the same charges. He is now serving as CEO of KDB Captial, a subsidiary of the bank.
They plan to request an arrest warrant for Park, 61 and Rhee, 58, if they are found to have been involved in illegally writing off bad loans of Wia and Aju by using public funds in collaboration with the state-run Korea Asset Management Corp. (KAMCO).
The forgiven debts are estimated at 55 billion won.
The prosecution banned several current and former executives of the KDB and the KAMCO from leaving the country, and would soon summon them for questioning over their alleged involvement in the bribe scandal.
Meanwhile, prosecutors detained two senior executives of Hyundai Automotive Thursday night on charges of misappropriating company money to raise the group's slush fund.
Lee Jung-dae, vice president in charge of the group's finance and accounting, and Kim Seung-nyun, director of the procurement division, were arrested on embezzlement charges. It was the first time that executives of the automaker were detained in connection with the slush fund scandal.
``We have found evidence indicating that the two individuals were deeply involved in creating automaker's slush funds by illegally diverting company money. Our investigation will center on how the slush fund was raised and what it was spent for,'' senior prosecutor Chae Dong-wook said.
Investigators will seek arrest warrants for Lee and Kim if they are found to have played a key role in embezzling company money to increase the slush funds, Chae said.
On Thursday, they arrested the former local accounting firm head on charges of taking kickbacks from Hyundai Automotive in return for lobbying bureaucrats to help the group write off its non-performing loans.
Kim Dong-hun, 57, former head of local accounting firm Ahn Kwon & Co., was detained on charges of receiving 4.1 billion won in kickbacks from the group's executives in exchange for lobbying government officials and bank executives in 2002 for the writeoff of 55 billion won in non-performing loans of two of the group's affiliates _ Wia and Aju Metal.
``Hyundai Automotive apparently lobbied government officials and bank executives for writing off bad debts of its affiliates with taxpayers money. A substantial amount of public funds were misused to illegally benefit the automaker and its affiliates,'' prosecutor Chae said.
``We think there are still many more bureaucrats and bank officials who helped the automaker dispose of its debts. We will expand our probe to bring those involved to justice,'' Chae added.
The government injected massive amounts of public funds into a number of distressed companies and financial services firms following the 1997-1998 Asian financial crisis.
The KDB and the KAMCO, which led the corporate restructuring, injected public funds and took over non-performing loans and bad debts of struggling companies to normalize their businesses through debt relief programs.
Many companies, including Hynix Semiconductor and Daewoo Engineering & Construction, which have recently emerged from debt relief programs, were all recipients of public funds.
Investigators are also questioning Joo Young-sub, chief executive of Hyundai Autonet, and former chief executive Lee Il-jang for their involvement in raising the automaker's secret funds and facilitating a father-to-son transfer of management control.
Prosecutors believe Hyundai Automotive mobilized the component maker along with another key affiliate, delivery service unit Glovis, to raise secret funds, part of which were offered as bribes to politicians and bureaucrats in exchange for business favors.
Glovis chief executive Lee Ju-eun was arrested last month on charges of embezzling 7 billion won of company funds, which is believed to be part of the slush funds. Investigators have found a similar amount of money hidden inside a safe at Glovis' Seoul office in a search.
Investigators are now trying to confirm whether Hyundai Automotive chairman Chung Mong-koo masterminded a series of malpractices in past years to create secret funds to bribe politicians and bureaucrats.
The probe also focuses on whether the chairman Chung unlawfully transferred corporate wealth and management control to the founding family, including Chung's son Eui-son, president of Kia Motors.
Prosecutors are expected to facilitate their probe into the chairman Chung's role in the slush fund scandal as they are close to securing key statements about Chung's involvement from executives of Hyundai Automotive and its affiliates.
They plan to separately call in Chung and his son some time next week for questioning after the chairman returns from China.
Chung is scheduled to visit Beijing on April 17-19 to attend a groundbreaking ceremony for Hyundai's second factory and an R&D center in the Chinese capital.
The scandal first erupted last month, when law enforcement authorities arrested Kim Jae-rok, the founder of the Seoul-based corporate finance company Investus Global, who is suspected of receiving money from Hyundai executives in exchange for illegal lobbying of politicians and bureaucrats.
The prosecution raided Hyundai Automotive's headquarters and seized computers and financial records in search of traces of the slush funds estimated to be in the range of several tens of billions of won.
Early this week, the prosecution also raided the Seoul offices of accounting firm Samil PricewaterhouseCoopers, which managed the audit and assurance of several Hyundai Automotive affiliates, in a search for clues of financial irregularities at Hyundai Automotive.
According to the prosecution, Hyundai Autonet allegedly paid higher-than-market value for absorbing its current machinery unit Bontech in February, benefiting the younger Chung who was the majority shareholder of the company. Samil was the lead manager of the acquisition deal.
By Lee Hyo-sik
Staff Reporter
Source: Korea Times
Prosecutors on Friday detained two former executives of the state-run Korea Development Bank (KDB) for allegedly taking bribes from Hyundai Automotive Group in return for helping write off bad debts of the group's affiliates.
Park Sang-bae, former KDB deputy governor, was detained on charges of receiving kickbacks from the automaker in 2001-02 for letting his bank forgive part of the non-performing debts of machinery company Wia and parts-maker Aju Metal.
Investigators also detained Rhee Sung-kun, former KDB director on the same charges. He is now serving as CEO of KDB Captial, a subsidiary of the bank.
They plan to request an arrest warrant for Park, 61 and Rhee, 58, if they are found to have been involved in illegally writing off bad loans of Wia and Aju by using public funds in collaboration with the state-run Korea Asset Management Corp. (KAMCO).
The forgiven debts are estimated at 55 billion won.
The prosecution banned several current and former executives of the KDB and the KAMCO from leaving the country, and would soon summon them for questioning over their alleged involvement in the bribe scandal.
Meanwhile, prosecutors detained two senior executives of Hyundai Automotive Thursday night on charges of misappropriating company money to raise the group's slush fund.
Lee Jung-dae, vice president in charge of the group's finance and accounting, and Kim Seung-nyun, director of the procurement division, were arrested on embezzlement charges. It was the first time that executives of the automaker were detained in connection with the slush fund scandal.
``We have found evidence indicating that the two individuals were deeply involved in creating automaker's slush funds by illegally diverting company money. Our investigation will center on how the slush fund was raised and what it was spent for,'' senior prosecutor Chae Dong-wook said.
Investigators will seek arrest warrants for Lee and Kim if they are found to have played a key role in embezzling company money to increase the slush funds, Chae said.
On Thursday, they arrested the former local accounting firm head on charges of taking kickbacks from Hyundai Automotive in return for lobbying bureaucrats to help the group write off its non-performing loans.
Kim Dong-hun, 57, former head of local accounting firm Ahn Kwon & Co., was detained on charges of receiving 4.1 billion won in kickbacks from the group's executives in exchange for lobbying government officials and bank executives in 2002 for the writeoff of 55 billion won in non-performing loans of two of the group's affiliates _ Wia and Aju Metal.
``Hyundai Automotive apparently lobbied government officials and bank executives for writing off bad debts of its affiliates with taxpayers money. A substantial amount of public funds were misused to illegally benefit the automaker and its affiliates,'' prosecutor Chae said.
``We think there are still many more bureaucrats and bank officials who helped the automaker dispose of its debts. We will expand our probe to bring those involved to justice,'' Chae added.
The government injected massive amounts of public funds into a number of distressed companies and financial services firms following the 1997-1998 Asian financial crisis.
The KDB and the KAMCO, which led the corporate restructuring, injected public funds and took over non-performing loans and bad debts of struggling companies to normalize their businesses through debt relief programs.
Many companies, including Hynix Semiconductor and Daewoo Engineering & Construction, which have recently emerged from debt relief programs, were all recipients of public funds.
Investigators are also questioning Joo Young-sub, chief executive of Hyundai Autonet, and former chief executive Lee Il-jang for their involvement in raising the automaker's secret funds and facilitating a father-to-son transfer of management control.
Prosecutors believe Hyundai Automotive mobilized the component maker along with another key affiliate, delivery service unit Glovis, to raise secret funds, part of which were offered as bribes to politicians and bureaucrats in exchange for business favors.
Glovis chief executive Lee Ju-eun was arrested last month on charges of embezzling 7 billion won of company funds, which is believed to be part of the slush funds. Investigators have found a similar amount of money hidden inside a safe at Glovis' Seoul office in a search.
Investigators are now trying to confirm whether Hyundai Automotive chairman Chung Mong-koo masterminded a series of malpractices in past years to create secret funds to bribe politicians and bureaucrats.
The probe also focuses on whether the chairman Chung unlawfully transferred corporate wealth and management control to the founding family, including Chung's son Eui-son, president of Kia Motors.
Prosecutors are expected to facilitate their probe into the chairman Chung's role in the slush fund scandal as they are close to securing key statements about Chung's involvement from executives of Hyundai Automotive and its affiliates.
They plan to separately call in Chung and his son some time next week for questioning after the chairman returns from China.
Chung is scheduled to visit Beijing on April 17-19 to attend a groundbreaking ceremony for Hyundai's second factory and an R&D center in the Chinese capital.
The scandal first erupted last month, when law enforcement authorities arrested Kim Jae-rok, the founder of the Seoul-based corporate finance company Investus Global, who is suspected of receiving money from Hyundai executives in exchange for illegal lobbying of politicians and bureaucrats.
The prosecution raided Hyundai Automotive's headquarters and seized computers and financial records in search of traces of the slush funds estimated to be in the range of several tens of billions of won.
Early this week, the prosecution also raided the Seoul offices of accounting firm Samil PricewaterhouseCoopers, which managed the audit and assurance of several Hyundai Automotive affiliates, in a search for clues of financial irregularities at Hyundai Automotive.
According to the prosecution, Hyundai Autonet allegedly paid higher-than-market value for absorbing its current machinery unit Bontech in February, benefiting the younger Chung who was the majority shareholder of the company. Samil was the lead manager of the acquisition deal.
04-18-2006, 11:13 AM
#65
Senior Moderator
$55B...
04-18-2006, 11:14 AM
#66
The sizzle in the Steak
meh...just Koreans being Koreans:wink:
corruption is everywhere....(see the Korean Cloning fiasco)
corruption is everywhere....(see the Korean Cloning fiasco)
04-18-2006, 10:04 PM
#69
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Originally Posted by Moog-Type-S
meh...just Koreans being Koreans:wink:
corruption is everywhere....(see the Korean Cloning fiasco)
corruption is everywhere....(see the Korean Cloning fiasco)
Moog has some magic anti-kimchee shield or something!
The U-M library had some books on Hyundai, I found them some summer a few years ago. The stories about the growth of the company ... well, not exactly PG-rated.
04-19-2006, 12:15 PM
#70
The sizzle in the Steak
Originally Posted by M TYPE X
Sigh, I believe I got a tempban for pointing out the same thing.
Moog has some magic anti-kimchee shield or something!
The U-M library had some books on Hyundai, I found them some summer a few years ago. The stories about the growth of the company ... well, not exactly PG-rated.
Moog has some magic anti-kimchee shield or something!
The U-M library had some books on Hyundai, I found them some summer a few years ago. The stories about the growth of the company ... well, not exactly PG-rated.
Here come the Koreans Behold the power of the :wink: It makes all things ok
04-20-2006, 12:09 PM
#72
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Originally Posted by Moog-Type-S
....anti-kimchee shield activated!!!!! Here come the Koreans
Behold the power of the :wink: It makes all things ok
Here come the Koreans Behold the power of the :wink: It makes all things ok
Let's be fair. These companies produce fine products, but the corporate cultures reek.
04-20-2006, 12:26 PM
#73
The sizzle in the Steak
Originally Posted by M TYPE X
but the corporate cultures reek.
04-20-2006, 12:28 PM
#74
Senior Moderator
Originally Posted by Moog-Type-S
of kimchee?
04-20-2006, 12:29 PM
#75
Senior Moderator
So, the new title should be: Hyundai-Kia Diverted Taxpayers' Kimchee Money
04-20-2006, 01:08 PM
#76
The sizzle in the Steak
Originally Posted by Yumchah
So, the new title should be: Hyundai-Kia Diverted Taxpayers' Kimchee Money
Beware the wrath of the angy Koreans!!!!! Saying such things.....do you have an anti-kimchee shield??
04-20-2006, 04:45 PM
#77
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One does not simply kimchee his way into Mordor, I mean, the competitive American market.
Strangely enough, they've succeeded though, largely.
What's a little graft and corruption among friends, or elves?
Strangely enough, they've succeeded though, largely.
What's a little graft and corruption among friends, or elves?
04-20-2006, 05:07 PM
#78
The sizzle in the Steak
^^ Damn you again, Boromir!!!!!!
04-20-2006, 05:35 PM
#79
Senior Moderator
Originally Posted by Moog-Type-S
Beware the wrath of the angy Koreans!!!!! Saying such things.....do you have an anti-kimchee shield??
, I am more than adequate to take-on any beebimbap-wielder...
