BusinessSee also: Hyundai
In 1998, after a shake-up in the Korean auto industry caused by overambitious expansion and the Asian financial crisis, Hyundai acquired rival Kia Motors. In 2000, the company established a strategic alliance with DaimlerChrysler and severed its partnership with the Hyundai Group. In 2001, the Daimler-Hyundai Truck Corporation was formed. In 2004, however, DaimlerChrysler divested its interest in the company by selling its 10.5% stake for $900 million.
Hyundai has invested in manufacturing plants in the North America, India, Czech Republic, Pakistan, China and Turkey as well as research and development centers in Europe, Asia, North America, and the Pacific Rim. In 2004, Hyundai Motor Company had $57.2 billion in sales in South Korea making it the country's second largest corporation, or chaebol. Worldwide sales in 2005 reached 2,533,695 units, an 11 percent increase over the previous year. Hyundai has set as its 2006 target worldwide sales of 2.7 million units (excluding exports of CKD kits). In 2007 it reached 3,961,629 worldwide vehicle sales—surpassing Fiat, Chrysler, PSA/Peugeot, Nissan, and Honda.
Hyundai motor vehicles are sold in 193 countries through some 5,000 dealerships and showrooms. After a recent survey of global automotive sales, Hyundai is now the fourth largest automaker in the world as of 2009.
The Hyundai brand power continues to rise as it was ranked 65th in the 2007 Best Global Brands by Interbrand and BusinessWeek survey, with brand value estimated at $5.0 billion. Public perception of the Hyundai brand has been transformed as a result of dramatic improvements in the quality of Hyundai vehicles. As of 2011, it is the world's fastest growing car brand for two years running.
Other articles related to "business":
... Because of the nature of intellectual property, a business needs protection in every jurisdiction in which they are concerned about competitors ...
... The Unification Church's business holdings include the UPI, The Washington Times, and the Tongil Group, one of the largest South Korean business groups or chaebol ... In the 1990s, Moon's ownership of major business enterprises, including The Washington Times, the United Press International, and Pyeonghwa Motors was noted in the ...
... at the Kingston Hill campus and incorporating the Kingston University Business School and Kingston Law School ... The Faculty of Business and Law offers undergraduate and postgraduate courses as well as executive education in the five following groupings Law, Accounting and Finance, Informatics and ... The Business School was the first in the world to receive AMBA accreditation for its MBA, DBA and Masters in Business Management ...
... During this period Tymoshenko was involved in business relations (either co-operative or hostile) with many important figures of Ukraine ... was considered one of the richest business people in Ukraine ... But Tymoshenko's business was destroyed by political means in 1998 ...
... branded venture capital conglomerate company founded by business tycoon Richard Branson ... Its core business areas are travel, entertainment and lifestyle and it consists of more than 400 companies worldwide ... as a holding company however Virgin's business and trading activities date to the 1970s ...
Famous quotes containing the word business:
“Towns find it as hard as houses of business to rise again from ruin.”
—Honoré De Balzac (17991850)
“Every American travelling in England gets his own individual sport out of the toy passenger and freight trains and the tiny locomotives, with their faint, indignant, tiny whistle. Especially in western England one wonders how the business of a nation can possibly be carried on by means so insufficient.”
—Willa Cather (18761947)
“If we decide to take this level of business creating ability nationwide, well all be plucking chickens for a living.”
—H. Ross Perot (b. 1930)