Hyundai Motor Company - History - Business

Business

See 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.

Read more about this topic:  Hyundai Motor Company, History

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Famous quotes containing the word business:

    To business that we love we rise betime,
    And go to’t with delight.
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    ... a business career for a woman and her need for a woman’s life as wife and mother, are not enemies at all, unless we make them so, but may be the closest and most co-operative friends and supporter of each other.
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    Faultless honesty is a sine qua non of business life. Not alone the honesty according to the moral code and the Bible. When I speak of honesty I refer to the small, hidden, evasive meannesses of our natures. I speak of the honesty of ourselves to ourselves.
    Alice Foote MacDougall (1867–1945)