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  • Fri, Aug. 5, 2:44 AM
    • It's not just Takata anymore. The NHTSA has upgraded a probe of more than 8M air bag inflators made by ARC Automotive to a so-called engineering analysis after a driver was killed in Canada last month by one of the ruptured devices.
    • The probe covers inflators used by General Motors (NYSE:GM), Fiat Chrysler (NYSE:FCAU), Hyundai (OTC:HYMTF) and Kia (OTC:KIMTF). Canadian regulators are also investigating.
    | Fri, Aug. 5, 2:44 AM
  • Wed, Jun. 22, 6:25 PM
    • Kia Motors (OTC:KIMTF) topped J.D. Power's annual U.S. survey of vehicle quality, the first time in 27 years that a non-luxury brand scored the top ranking.
    • Kia ranked first among 33 car brands in the study, moving up from second place a year ago. Porsche, the sports luxury brand owned by Volkswagen (OTCPK:VLKAF, OTCPK:VLKAY), came in second after finishing first last year.
    • U.S. brands scored better marks collectively than their foreign counterparts for only the second time in the study's 30-year history; brands at GM, Ford (NYSE:F) and Fiat Chrysler's (NYSE:FCAU) U.S. arm improved quality scores 10% from 2015, double the improvement rate of foreign brands.
    • The survey also showed that for the first time in a decade, owners of vehicles from non-premium brands reported fewer problems than those who own the more expensive cars, SUVs and pickup trucks.
    | Wed, Jun. 22, 6:25 PM | 22 Comments
  • Tue, Jun. 21, 8:04 AM
    • According to Hyundai Motor (OTC:HYMLF), General Electric (NYSE:GE) is looking to sell its 20% in their joint venture Hyundai Capital to a third party.
    • In December, Hyundai and affiliate Kia Motors (OTC:KIMTF) agreed to buy a 23.3% holding in Hyundai Capital from GE for 703B won ($610M), saying it could buy the company's remaining 20% stake in the future.
    | Tue, Jun. 21, 8:04 AM
  • Dec. 22, 2015, 4:29 AM
    • General Electric (NYSE:GE) has signed an agreement to sell a 23.3% stake of Hyundai Capital Services to Hyundai (OTC:HYMLF) and Kia Motors (OTC:KIMTF) for 703B won ($600.8M).
    • GE's transaction, which represents aggregate ending net investment of approximately $0.9B, is part of a broader deal to exit its entire 43.3% ownership in the 11-year-old auto financing JV over the following months.
    • Previously: GE plans to announce HQ decision in January (Dec. 21 2015)
    | Dec. 22, 2015, 4:29 AM
  • Dec. 21, 2015, 2:17 AM
    • General Electric (NYSE:GE) expects to announce a decision next month about whether it will transfer its headquarters out of Connecticut, Reuters reports quoting a company spokesman.
    • The conglomerate has been weighing a move out of the state since the summer, when lawmakers passed a budget that included hefty tax increases.
    • GE is also likely to sign a deal on Tuesday to sell a 23% stake in Hyundai Capital to the latter's majority owner, Hyundai (OTC:HYMLF) and affiliate Kia Motors (OTC:KIMTF), for about 800B won ($679M).
    • Previously: GE to sell Hyundai Capital stake (Dec. 09 2015)
    | Dec. 21, 2015, 2:17 AM | 20 Comments
  • Oct. 15, 2015, 10:56 AM
    • Kia (OTC:KIMTF) is recalling more than 377K Sorento SUVs because the transmission can be shifted out of park when the driver's foot isn't on the brake.
    • The recall covers Sorentos from the 2011-2013 model years.
    | Oct. 15, 2015, 10:56 AM
  • Jan. 2, 2015, 3:43 AM
    • Hyundai (OTC:HYMLF) and Kia (OTC:KIMTF), together the global No.5 automaker, are expecting a combined 2.5% increase in global sales to 8.2M vehicles for 2015.
    • The figure marks the duo's weakest growth rate in more than a decade, as they struggle to compete with Japanese rivals benefiting from a weaker yen.
    • Shares of Hyundai fell 29% in 2014, hit with a year of sluggish earnings and investor outrage over a $10B property purchase in Seoul. Kia shares fell 7%.
    | Jan. 2, 2015, 3:43 AM
  • Nov. 12, 2014, 10:06 AM
    | Nov. 12, 2014, 10:06 AM | 45 Comments
  • Nov. 11, 2014, 4:48 AM
    • Hyundai (OTC:HYMLF) and Kia (OTC:KIMTF) have announced share buybacks worth 670B won ($615M), in an apparent bid to appease investor fury at their multibillion-dollar investment for a new headquarters.
    • The move represents Hyundai's first share buyback specifically aimed at enhancing shareholder value in nearly a decade and Kia's first ever.
    • Shares in the two companies plunged in September after they and affiliate Hyundai Mobis revealed plans to spend $10B on a plot of land in Seoul.
    • Separately, Kia announced that company president Park Han-woo will now become co-CEO.
    • Previously: Hyundai moves ahead with mega-land deal
    • Previously: Hyundai, Kia drop on extravagant HQ buy
    | Nov. 11, 2014, 4:48 AM | 1 Comment
  • Nov. 6, 2014, 6:12 AM
    • Hyundai (OTC:HYMLY) and Kia (OTC:KIMTF) are aiming to increase the average fuel economy of their vehicles by 25% by 2020 to meet emissions regulations in South Korea, the U.S. and Europe.
    • The automakers will develop next-generation engines and transmissions, reduce the weight of key models and expand their line-up of environmentally friendly vehicles to reach their target.
    • The news comes on the heels of the South Korean duo's settlement earlier this week, when they agree to pay a $350M fine to the U.S. government for overstating fuel economy ratings.
    • Previously: Hyundai, Kia agree to record settlement for overstating mileage
    | Nov. 6, 2014, 6:12 AM
  • Nov. 4, 2014, 6:48 AM
    • Hyundai (OTC:HYMLY) and Kia (OTC:KIMTF) will pay $350M in penalties to the U.S. government for overstating fuel economy ratings, resulting in the largest fine ever issued under the Clean Air Act.
    • "This will send an important message to automakers around the world that they must comply with the law," says Attorney General Eric Holder.
    • The deal follows a $395M settlement the automakers agreed to pay last December to resolve claims from the owners of the vehicles, bringing the companies' total cost for the mileage overstatements to more than $700M.
    | Nov. 4, 2014, 6:48 AM
  • Oct. 8, 2014, 1:53 PM
    | Oct. 8, 2014, 1:53 PM | 29 Comments
  • Oct. 8, 2014, 7:50 AM
    | Oct. 8, 2014, 7:50 AM | 6 Comments
  • Oct. 2, 2014, 11:08 AM
    • Hyundai's (OTC:HYMLF) union workers in South Korea approve a wage agreement by a razor-thin margin.
    • 51.5% of the 47K workers gave the nod to the new deal which includes improved bonuses and incentives.
    • A separate deal still needs to be worked out for Hyundai affiliate Kia Motors (OTC:KIMTF).
    | Oct. 2, 2014, 11:08 AM
  • Sep. 26, 2014, 5:29 AM
    • A group led by Hyundai (OTC:HYMLFagrees to move forward with a $10.12B land deal at a price more than triple the assessed value of the property.
    • The extravagant land grab continues to anger Hyundai plant workers, with another partial strike scheduled for next week.
    • Shares of Hyundai fell 1.3% in trading in Seoul, while shares of affiliate Kia Motors (OTC:KIMTF) trimmed 0.6%.
    | Sep. 26, 2014, 5:29 AM
  • Sep. 18, 2014, 7:01 AM
    • Shares of Hyundai (OTC:HYMLF, OTC:HYMTF) fell as much as 10% overseas on news the Hyundai/Kia consortium won a ferocious bidding war for a $10B trophy HQ in Seoul’s upmarket Gangnam district.
    • Hyundai paid three times the appraised value for the 79K sqm plot; it plans to relocate the group’s headquarters there, and plans to build a hotel and a car theme park.
    • Analyst Ko Tae-bong summed up investor sentiment: "The bid price is excessive, which is incomprehensible to investors. Investors had expected Hyundai to use most of its surplus cash for constructive things such as raising dividends or R&D spending. But they are angry to see the group burn cash like this to buy a single property." (FT)
    • Kia Motors (OTC:KIMTF) was down 8% on the news.
    | Sep. 18, 2014, 7:01 AM