Key Developments: Hyundai Motor Co (HYMLF.PK)

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

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27 Jan 2015
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Latest Key Developments (Source: Significant Developments)

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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