Hyundai... the top selling car in its class here in oz.. is not so around the world.. and deeper troubles exist in the background for the company..... one such trouble is the rising value of the Korean won against other currencies. particually Japanese & Euro... ..
Seems the once cheap labor market in Korea has risen from the ashes and that in itself.. although we all strive for it as nations.. can in turn.. come back and bit us on the arse...
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In the U.S., Hyundai's second-biggest market, by revenue and units, Hyundai's sales were flat last year as it fell short of its annual goal of 500,000 vehicles by 45,000.
One problem: a brand image that lags behind its achievements in quality rankings and new products.
While Hyundai has been trying to push a premium sedan called Azera, many American consumers are
still unaware of its existence. Hyundai plans to introduce its first luxury vehicle in New York in April.
Now corporate greed at its worse for the country... Monday's verdict in the embezzlement trial of Hyundai Motor Co.'s chairman could throw South Korea's largest auto maker, in terms of both revenue and units, into further turmoil, adding to its growing problems at home and in
the U.S.
It could also serve as a test of the Korean courts' resolve in raising the standards of corporate governance for that nation's biggest companies.
South Korean prosecutors allege Chung Mong Koo, Hyundai's chairman and one of South Korea's most influential business leaders, took about $100 million from Hyundai and affiliated companies to create a political slush fund.
A guilty verdict and prison sentence is also likely to derail Hyundai Motor, which is hitting snags after a decade of remarkable growth that turned it into the world's No. 6 auto maker in volume. Following Mr. Chung's arrest last April, Hyundai appeared to lose its bearings, postponing plant openings and delaying strategic decisions.
The Verdict Hyundai chairman Chung Mong Koo has been sentenced to three years in prison, which according to his own defense plea, predicts that the company is "now in big trouble".
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