Monthly sales of import automobiles hit an all-time high of 10,648 units in March, while Korean carmakers such as Hyundai Motor and Kia Motors suffered lackluster sales at home.
When General Motors, Volkswagen and Toyota Motor look into their rear-view mirrors, they see Hyundai Motor. When Hyundai looks behind, it sees Kia, its sibling.
Kia's deliveries of the midsize Optima sedan - called K5 in South Korea - more than tripled last year, partly at the expense of Hyundai's Sonata, whose increase was limited to 5.2 per cent. Kia says it plans to introduce the K9 in April to challenge Hyundai's Equus and Genesis models for luxury-minded customers.
Hyundai Motor co-CEO Steve Yang has resigned for personal reasons and its domestic and foreign sales chiefs will split his role, in a move some analysts said was aimed at further raising its overseas sales and profile.
Under his rein, Hyundai become one of the biggest threats to global automakers in recent years, increasing sales and gaining market share even during the global financial crisis.
With the festive season around the corner, car sales in India showed signs of marginal turnaround in September after declining for four months. Hyundai Motor and Mahindra & Mahindra reported record sales during the month.
South Korea’s top automaker Hyundai Motor said on Sunday that its chairman would give USD462 million to charity, partly fulfilling a pledge made in 2006 while being investigated for corruption.
Chung Mong-Koo will donate shares worth KRW500 billion (USD462 million) in Hyundai Glovis – a Hyundai Motor subsidiary – to help children from poor families, the company said in a statement.
The money will be donated to a charity group founded by Hyundai, it said, adding the sum was the largest personal donation ever made in South Korea.
In a clear sign of a slowdown in car sales, India's top three carmakers – Maruti Suzuki, Hyundai Motor and Tata Motors – witnessed a drop in combined sales of 4.3 percent in June 2011.
During the month, the three companies together sold 122,000 units compared with 127,000 units sold in June last year. The three players contribute to over 60 percent of the total cars sold in the country.
South Korea's top automaker Hyundai Motor said it was forced to halt production at one of its plants on Thursday as workers downed tools following the suicide of a colleague, a report said.
Assembly workers walked out of the factory in Asan, about 100 kilometres southwest of Seoul, claiming a union rep had killed himself because of the company's "suppression" of union activities, the Yonhap news agency reported.
South Korea's Hyundai Motor and its affiliate Kia Motors said on Sunday that they suffered from a production disruption of some of its SUV models after a labour strike at one of its suppliers led to a parts shortage.
Hyundai, the world's fifth biggest carmaker along with Kia Motors, warned that a protracted supply disruption could deal a blow at a time when Japanese rivals are all-out to resume production after the 11 March earthquake.
Hyundai Motor Co. will introduce two new vehicles in India each year until 2014 in a bid to retain its position as the second largest carmaker in Asia's third-biggest automotive market amid stiff competition from recent entrants Volkswagen AG, Nissan Motor Co. and others.
"We will have new products in all segments," Arvind Saxena, director of sales and marketing at Hyundai Motor India Ltd, told Dow Jones Newswires in a recent interview. "New products play a vital role in boosting sales."
Hyundai Motors expects Indian sales growth to slow after a strong start this year as taxes on cars and interest rates rise.
Hyundai Motors India Ltd. saw its passenger car sales climb 37 percent in the first three months of the year, as consumers scrambled to get cars before the government lifted taxes on car purchases. The excise duties on small cars were raised to 10 percent from 8 percent at the end of February.
Now that the taxes have been raised and interest rates are rising, Hyundai expects full-year sales growth of between 10 and 15 percent.