Key Developments: Hyundai Motor Co (HYMLF.PK)

HYMLF.PK on OTC Markets Group - US Other OTC and Grey Market

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Latest Key Developments (Source: Significant Developments)

Hyundai Motor Co declares annual cash dividend for FY 2013
Thursday, 23 Jan 2014 02:48am EST 

Hyundai Motor Co:Says an annual cash dividend of 1,950 won per share for fiscal year 2013.Says dividend payment to shareholders of record on Dec. 31.Says total dividend amount of 534,409,000,000 won.  Full Article

Hyundai Motor Co, Kia Motors Corp propose US settlement for overstating fuel economy-Reuters
Monday, 23 Dec 2013 05:02pm EST 

Hyundai Motor Co:U.S. units of South Korean sister companies Hyundai Motor Co and Kia Motors Corp on Monday announced a proposed settlement of $395 million with owners of cars for which the two companies overstated fuel economy ratings in 2012-Reuters.The proposed resolution would affect American owners of about 600,000 Hyundai and about 300,000 Kia vehicles from the 2011 to 2013 model years.Hyundai estimates that the lump-sum payments to its owners in the United States will cost about $210 million, and for Kia that figure is $185 million.The proposed settlement does not affect class-action cases brought in Canada.A proposed settlement to those cases is expected in early 2014, said Hyundai spokesman Chad Heard.  Full Article

Hyundai Motor Co To Recall 103,214 Genesis Sedans In Korea-Reuters
Tuesday, 29 Oct 2013 11:14pm EDT 

Reuters reported that Hyundai Motor Co plans to recall 103,214 Genesis sedans in South Korea to address potential brake problems. The recall follows a similar one for 27,500 Genesis large-sized sedans in the United States last week due to the same issue. The Genesis model, which is a key offering in Hyundai's efforts to go upmarket, is built only in South Korea. South Korea and the United States are among Genesis' top-selling markets. The cars to be recalled were built from December 24, 2007 through March 16, 2012. The problem lies in a potential reduction in brake effectiveness caused by corrosion in antilock brake system modules, South Korea's transport ministry said.  Full Article

Hyundai Motor Co Recalls 27,500 Sedans In U.S. For Brake Issue-Reuters
Monday, 21 Oct 2013 12:57pm EDT 

Reuters reported that Hyundai Motor Co said on October 21, 2013 it is recalling about 27,500 Genesis sedans in the United States from model years 2009 to 2012 to address a potential brake issue. Hyundai said it is recalling the cars, which were built from April 1, 2008, through March 16, 2012, to replace the brake fluid. The Company had already initiated a service campaign in March to replace the brake fluid in the affected cars as they were brought into the dealers. The fluid had been replaced in about 60%, or about 40,000, of the vehicles, a spokesman said. However, after receiving word that U.S. safety regulators had opened an investigation into an estimated 40,000 Genesis cars from model year 2009, Hyundai decided to recall the rest, the Company said.  Full Article

U.S. Safety Regulators Probe Hyundai Motor Co's Genesis Car For Brake Issues-Reuters
Monday, 21 Oct 2013 09:06am EDT 

Reuters reported that U.S. safety regulators have opened an investigation into an estimated 40,000 Hyundai Motor Co's Genesis cars from model year 2009 in the United States for potential brake problems. The U.S. National Highway Traffic Safety Administration opened a preliminary evaluation after receiving 23 consumer complaints alleging reduced brake effectiveness, according to documents filed online. Several complaints said the problem was diagnosed as a faulty antilock brake system module. In one complaint NHTSA received, a consumer in Florida alleged that her brakes did not work, resulting in a crash into another vehicle stopped at a red light. In another complaint, the consumer reported responding to the same problem by using the parking brake, losing control of the vehicle. A spokesman for Hyundai Motor Co said the automaker is investigating the issue and will cooperate fully with the NHTSA.  Full Article

Hyundai Motor Co and KIA Motors Corp Recall 663,829 Cars-EDaily
Wednesday, 25 Sep 2013 01:10am EDT 

EDaily reported that on September 25, 2013 Hyundai Motor Co and KIA Motors Corp announced the decision of recalling more than 663,829 cars in South Korea due to manufacturing defect that may cause start and break faulty, cruise control system and vehicle dynamic control (VDC) failure. This is the following action after the recall of more than 1.9 million cars in the United State and more than 160,000 cars in South Korea in April 2013. Hyundai is recalling cars of modules including Sonata, Tucson, Genesis, Avante, Veracruz, i30, and Genesis coupes, and 15 Kia models including K5, Forte, Grand Carnival, and Sportage, manufactured during 2007 to 2011. Owners of above modules can receive free repair services (break switch changing) from October 1, 2013.  Full Article

Hyundai Motor Co And Morgan Stanley Fund's Hyundai Rotem Files For IPO-Reuters
Monday, 16 Sep 2013 07:34pm EDT 

Reuters reported that Hyundai Rotem said it plans to raise up to KRW622.4 billion ($575 million) in an Initial Public Offering. Hyundai Rotem, owned by Hyundai Motor Co and a Morgan Stanley fund, said in a filing late Monday that it planned to sell 21 million new shares and six million existing shares at a price of between 17,000 won and 23,000 won each. It plans to announce its final price on October 21, 2013. Approved by South Korea's stock exchange in June 2013, Hyundai Rotem's public offering plan has progressed slowly because of labour disputes during annual wage negotiations.  Full Article

Hyundai Motor Co Announces Labor Strike
Tuesday, 20 Aug 2013 03:52am EDT 

Hyundai Motor Co announced that the workers in workplaces including Ulsan factory began a strike from August 20, 2013, due to a breakdown after collective bargaining. The factories decided to stop production for four hours respectively on August 20 and August 21, 2013.  Full Article

Hyundai Motor Co Recall Vehicles-Reuters
Wednesday, 14 Aug 2013 06:29pm EDT 

Reuters reported that Hyundai Motor Co is recalling about 240,000 older model Sonata and Azera sedans in cold-weather U.S. states due to possible corrosion that can affect rear wheel alignment, according to a report issued by U.S. regulators. In two other recalls also announced on Wednesday, about 20,300 Hyundai Santa Fe Sport model year 2013 and 9,345. The recall involves model year 2006 to 2010 Sonata sedans made from March 1, 2005 to January 21, 2010, and model year 2006 to 2011 Azera sedans made from September 27, 2005 to November 22, 2010. Hyundai did not provide figures for recalls outside the U.S. market. But the Company said it was not aware of any crashes or injuries in relation to the corrosion or the front axle recalls.  Full Article

Hyundai Motor Co Recalls 5,200 Azera Sedans In U.S. For Airbag Sensor Issue-Reuters
Tuesday, 2 Jul 2013 07:52am EDT 

Reuters reported that Hyundai Motor Co is recalling about 5,200 Azera sedans in the United States to address an issue where the airbag may deploy with less or greater force than needed in an accident. The South Korean automaker is recalling the 2012 and 2013 model-year cars because the occupant detection system may fail to properly differentiate whether the front-seat passenger occupant is an adult, child or a child restraint seat, according to documents filed with the U.S. National Highway Traffic Safety Administration. The result could be the bags deploying with the incorrect force and that could lead to increased risk of injury. Hyundai expects to begin notifying owners in the third quarter.  Full Article

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GM Korea workers approve strike as wage talks stall

SEOUL - General Motors' South Korean workers on Wednesday voted to go on strike over salaries and production volume, signalling tough annual wage talks for automakers already grappling with falling earnings due to the stronger won.

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