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Business - Hyundai Motor family sold $1.1 billion stake in affiliate: sources


The chairman of Hyundai Motor Co and his son successfully sold their entire 13 percent stake in shipping and logistics affiliate Hyundai Glovis Co Ltd offered in a block deal worth about 1.16 trillion Korean won ($1.07 billion), two persons with direct knowledge of the matter said on Friday. Chairman Chung Mong-koo and son Chung Eui-sun sold their 5.02 million shares at 17 percent below the asking price in last month`s unsuccessful offering, in a bid to avoid South Korea`s antitrust scrutiny. They also committed not to sell their remaining 29.99 percent stake in Hyundai Glovis under a longer lockup period of nearly 2 years this time, helping ease uncertainty about the affiliate as succession looms. They sold 5.02 million shares in Hyundai Glovis at 230,500 won each, versus an offered range of 227,500-232,500 won, according to the sources who declined to be identified because of the confidentiality of the sale.


Thursday, February 05, 2015  22:39

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Business - Hyundai Motor`s biggest-ever dividend greeted with outlook concern


By Hyunjoo Jin SEOUL (Reuters) - Hyundai Motor Co announced its biggest-ever dividend on Thursday to appease shareholders angered by a $10 billion property buy, but the payout failed to distract investors from growth prospects clouded by declines in the rouble and yen. Earlier in the day, Hyundai missed analyst estimates by posting a 19 percent decline in October-December net profit. Hyundai-Kia splashed out on land for new headquarters last year as economic turmoil in Russia undermined earnings in a country where the pair rank second. Currency risks are likely to persist in Russia as well as in other emerging markets this year, Hyundai President Lee Won-hee said after the automaker released its earnings.


Thursday, January 22, 2015  09:05

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Business - Hyundai to enter U.S. commercial vehicle market as part of $1.8 billion offensive


South Korea`s Hyundai Motor Co plans to spend around $1.8 billion by 2020 on a major offensive in commercial vehicles, including entering the race in the United States, to catch up with rivals in a rapidly growing global market. Hyundai, the world`s No.5 automaker when paired with sister Kia Motors Corp , has targeted a market it sees growing almost 30 percent in each of the next five years, but where its share ex-China is a paltry 2.1 percent. In 2014, its commercial vehicle sales fell at home, in China and elsewhere. To expand, Hyundai said it will invest 400 billion won ($363.13 million) to raise production of vans, trucks and buses in Korea by 2020, and that it has earmarked 1.6 trillion won for research and development in such vehicles until the end of the decade.


Monday, February 16, 2015  08:40

Yahoo

Business - Hyundai Motor to enter commercial vehicle market in U.S., Europe


South Korean automaker Hyundai Motor said on Monday that it plans to enter the commercial vehicle market in the United States and Europe in expectation of stronger growth in the sector. Hyundai Motor also said it plans to invest 400 billion won ($363.13 million) in expanding annual production capacity at its commercial vehicle factory in the southwestern city of Jeonju by 54 percent to 100,000 vehicles by 2020, from the current 65,000. Hyundai also said it plans to invest 1.6 trillion won in research and development in commercial vehicles.


Monday, February 16, 2015  05:40

Yahoo

Business - Hyundai Motor family sold $1.1 billion stake in affiliate: source


SEOUL (Reuters) - The chairman of Hyundai Motor Co and his son successfully sold their entire 13 percent stake in affiliate Hyundai Glovis Co Ltd offered in a block deal worth about 1.16 trillion Korean won ($1.07 billion), a person with direct knowledge of the matter said on Friday. Chairman Chung Mong-koo and son Chung Eui-sun sold 5.02 million shares in Hyundai Glovis at 230,500 won each, versus an offered range of 227,500-232,500 won, according to the source. The sale price is at a discount of 2.7 percent of stock`s closing price of 237,000 won on Thursday. ...


Thursday, February 05, 2015  22:20

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Business - Hyundai to unveil refreshed SUV to revive key market sales


Hyundai Motor will in March unveil the first major makeover of its top-selling Tucson sports utility vehicle in six years in a bid to revive growth in key markets like Europe and the United States where SUV sales are now strong. The debut follows what analysts say was a sluggish start last year for the South Korean automaker`s flagship Sonata sedan in the U.S. and Korean markets. Hyundai, which with affiliate Kia Motors is the world`s fifth largest automaker, is also facing stiff competition from Japanese firms as the yen weakens. Last year, Hyundai lost market share in both Europe and the United States.


Thursday, February 05, 2015  06:45

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Business - Hyundai recalls more than 200,000 Elantras over steering problem


WASHINGTON (Reuters) - Hyundai Corp is recalling 204,768 Elantras because of a power steering defect that might cause the cars to suddenly revert to manual steering, the company said Saturday in a report filed with U.S. auto safety regulators. The recall affects four-door Elantra sedans produced from June 1, 2008, to April 30, 2010, and 2009-10 model Elantra Touring hatchbacks, Hyundai said in a report on the National Highway Traffic Safety Administration website. It said the defect might affect an estimated 3 percent of those cars. ...


Sunday, March 01, 2015  01:32

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Business - Hyundai cuts price of fuel cell car, eyes competition with Toyota


Hyundai Motor Co said it will lower the price of its Tucson fuel cell electric vehicle by 43 percent in South Korea and consider cutting prices of the car overseas to compete with models from the likes of Toyota Motor Corp. The South Korean automaker - the world`s fifth-biggest when paired with sister Kia Motors Corp - hopes to popularize fuel cell cars in its home market by cutting the price of the Tucson ix to 85 million won ($77,189). In developing more environmentally friendly technology, Hyundai has long trumpeted fuel cell electric vehicles over battery-powered alternatives, but the high price tag and a lack of refueling stations have been roadblocks to adoption. South Korea has only one hydrogen fuelling station, with another to be opened in the first half of this year and a government goal to increase the number to 200 by 2025.


Monday, February 02, 2015  06:34

Yahoo

Business - Hyundai Motor fourth quarter profit tumbles 19 percent


By Hyunjoo Jin SEOUL (Reuters) - South Korea`s Hyundai Motor Co on Thursday reported a fourth straight quarterly profit decline, pulled down by a plunge in the Russian ruble and increased buying incentives in the United States. Hyundai, the world`s fifth-biggest automaker when coupled with affiliate Kia Motors Corp, splashed out on land for new headquarters as economic turmoil in Russia undermined earnings in a country where the pair rank second, while a weak yen made Japanese cars cheaper in the U.S., its No.2 market.


Thursday, January 22, 2015  05:33

Yahoo

Business - Hyundai Motor Group says to invest $73 billion by 2018


SEOUL (Reuters) - South Korea`s Hyundai Motor Group, the world`s fifth-largest automaker, said on Tuesday it would spend $73 billion over four years on expanding capacity, building new headquarters and developing new vehicles. The country`s second-largest business conglomerate unveiled the investment plan as the government of President Park Geun-hye pushes companies with large cash reserves to spend more on investment, employment and dividend payments. The group, whose 57 affiliates include automakers Hyundai Motor Co and Kia Motors Corp , said in a statement it would spend 49. ...


Tuesday, January 06, 2015  05:23

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