Key Developments: Hyundai Motor Co (HYMLF.PK)

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

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30 Apr 2012
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Latest Key Developments (Source: Significant Developments)

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

Hyundai Motor Co Row With Labor Union Causes Production Disruptions-DJ
Wednesday, 17 Apr 2013 03:17am EDT 

Dow Jones reported that an ongoing row between Hyundai Motor Co. and its labor union over weekend payments is causing production disruptions at South Korea's automaker, costing it some $732 million in lost revenues. Plant workers belonging to Hyundai's 45,000 member labor union have refused to work over the last six weekends after the implementation of a new shift arrangement that they claim results in lower wages for weekend work. The 12 weekend days in which Hyundai's plants were left idle since March 4 has led to a production shortfall of 41,000 vehicles, worth 820 billion won ($732 million). While Hyundai and its labor union remain in talks, including a meeting that took place on Tuesday, the two sides remain at odds over an acceptable weekend wage level. In August, they agreed to replace two 10-hour shifts with one eight- and one nine-hour shift. With the change, the strenuous overnight shifts were eliminated, with all shifts, that run Monday-Sunday, now ending by 1:30 a.m. Hyundai believed it was no longer necessary to offer overtime payments for workers during weekends after the end of overnight work. The union, however, thinks otherwise, insisting that workers be paid overtime for the weekend shifts just as before.  Full Article

Hyundai Motor Co, Kia Motors Corp Recall More Than 1.8 Mln Vehicles In U.S.-Reuters
Wednesday, 3 Apr 2013 10:37am EDT 

Reuters reported that Hyundai Motor Co and its affiliate Kia Motors Corp are recalling more than 1.8 million cars and SUVs in the United States to address a potentially faulty switch and a loose headliner, according to U.S. safety regulators. Hyundai is recalling 1,059,824 cars and SUVs and Kia 623,658 vehicles from model years 2007 through 2011 to replace a switch that could malfunction and increase the risk of a crash, according to documents filed with U.S. National Highway Traffic Safety Administration. A Hyundai spokesman in the United States said there had been no reports of accident or injuries. In addition, Hyundai is recalling 186,254 Elantra cars from model years 2011 through 2013 to apply adhesive strips to prevent the headliner from becoming displaced during a side curtain airbag deployment, the NHTSA said. The Hyundai spokesman said there was one report of a minor injury, a cut ear, related to the issue. The affected Hyundai models include 2007-2009 Accent cars and Tucson SUVs, 2007-2010 Elantras, 2007-2011 Santa Fe SUVs, 2008-2009 Veracruz SUVs, 2010-2011 Genesis coupes and 2011 Sonata cars, according to the NHTSA. The affected Kia models include 2011 Optima cars, 2007-2010 Rondo crossovers, 2007 Sedona minivans, 2007-2011 Sorento crossovers, 2010-2011 Soul cars and 2007-2010 Sportage SUVs.  Full Article

Hyundai Motor Co Agrees To Settle Fuel Economy Cases-Reuters
Tuesday, 26 Feb 2013 07:41pm EST 

Reuters reported that Hyundai Motor Co has agreed in principle to settle several lawsuits from U.S. consumers who said they were duped by the automaker's misleading fuel economy claims, according to a filing made in federal court. A settlement amount was not disclosed. Hyundai offered a lump sum payment option as part of its settlement proposal.  Full Article

STMicroelectronics NV Announces Collaboration with Hyundai Motor Co Subsidiary to Develop Integrated Products for Vehicles
Friday, 15 Feb 2013 09:00am EST 

STMicroelectronics NV announced that it has reached agreement with Hyundai Autron, the electronics subsidiary of Hyundai Motor Co, to collaborate together to develop electronic control systems for automotive applications. ST and Hyundai Autron engineers are beginning the project by targeting semiconductors for power-train applications and specifically for engine management units. The two companies are simultaneously exploring expanding the cooperation into other applications.  Full Article

Hyundai Motor Co Declares FY 2012 Annual Cash Dividend Payment
Thursday, 24 Jan 2013 03:13am EST 

Hyundai Motor Co announced that its Board of Directors has declared an annual cash dividend of KRW 1,900 per share of common stock and KRW 2,000 per share of preferred stock for the fiscal year 2012 to shareholders of record on December 31, 2012. The dividend rates of market prices are 0.9% (common shares) and 2.6% (preferred shares), respectively. The total cash dividend amount is KRW 520,833 million.  Full Article

Hyundai Motor Co To invest $260 Million To Make Trucks In Turkey-Reuters
Tuesday, 27 Nov 2012 08:31am EST 

Reuters reported that Karsan said it will jointly invest $260 million with South Korean Hyundai Motor Co to make Hyundai trucks in Turkey. Karsan will start producing the vehicles at the end of 2014, with a target for total production of over 200,000 units in the seven years, the Company said in a statement to the Istanbul Stock Exchange  Full Article

Hyundai Motor Co, Kia Motors Corp Face $775 Million Lawsuit Over False Fuel Economy Claims-Reuters
Wednesday, 7 Nov 2012 11:09am EST 

Reuters reported that a U.S. lawsuit has been filed against Hyundai Motor Co and affiliate Kia Motors Corp, seeking $775 million in damages in one of the biggest known actions against the automakers since they admitted overstating the fuel economy of some their vehicles. The lawsuit, which seeks class-action status, was filed in the U.S. District Court for Central California on behalf of 23 Hyundai and Kia car owners and challenges the automakers' compensation plan. Under the plan, customers will receive a debit card that will reimburse them for the difference in fuel economy, and an extra 15% to the amount will be added to acknowledge the inconvenience. The lawsuit, which like a separate one filed in the Southern District of Ohio this week, is seeking further compensation for the reduced value of their vehicles.  Full Article

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Exclusive: Hyundai directors kept in dark on size of $10 billion land bid - sources

SEOUL - Hyundai Motor and two listed affiliates did not seek board clearance for the size of their record $10 billion bid for a plot of land in Seoul, more than triple its appraised value, four board members of the companies told Reuters.

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