Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Indpendent Future Positive For Hyundai Motor Co.

Indpendent Future Positive For Hyundai Motor Company

As Hyundai Motor Company enters its first full year of independence focused on its core automotive operations its Chairman, Mong-Koo Chung, is optimistic that it can be a leading light for Korean industry in the future.

Speaking to Hyundai and Kia workers he stressed the need for transparent, profitable operations as the company heads towards the first anniversary of its spin-off from the Hyundai Business Group.

The re-structured and re-financed auto-maker recently recorded record profits following its best ever year of sales and with export sales continuing to grow – against world industry trends – the projections for 2001 are strong.

Clear path

Chairman Chung said” Since the acquisition and normalization of Kia and the spin-off of Hyundai Motor from the Hyundai Business Group into a completely separate business the board of directors has been following a very clear path.

“Share-holder value has been enhanced through the retirement of 10 million ordinary stock. Investor confidence has been strengthened thanks to record sales in 2000 and record profits for Hyundai Motor. Additionally our strategic merger discussions with DaimlerChrysler, which has almost completed the acquisition of a ten per cent stake in Hyundai Motor clearly indicates the positive future for the company,” he added.

But he also urged employees of Hyundai and Kia to continue to strive to improve the company’s profitability and its service to customers.

“Any company which fails to make profits for its share-holders and investors will suffer management instability. We must all strive to continue the process of building the international renown of our brands by creating added value for our customers and ensuring world class service,: he commented.

Successful year

He told employees that 2000 had been one of the most successful years in the company’s history, thanks to profits at Hyundai Motor of more than US$ 14 billion and vehicle sales in excess of 1.5 million. However, he added that the momentum would have to be maintained for international confidence in the company to be enhanced.

Already in 2001 Hyundai Motor has announced an increase in sales of 6.4 per cent thanks largely to further increased demand in export markets.

Also the Korean Government’s regulatory body is due to give its final approval to the Hyundai Motor spin-off following the six-month probationary period since the separation was completed by the removal of cross share-holdings by Hyundai Business group companies..

Chairman Chung added: “We now face the task of ensuring that 2001 out-performs last year in every respect and continues our growth and movement towards becoming on of the world’s leading auto-makers.”

© Scoop Media

Business Headlines | Sci-Tech Headlines


Trade: NZ Trade Deficit Widens To A Record In September

Oct. 27 (BusinessDesk) - New Zealand's monthly trade deficit widened to a record in September as meat exports dropped to their lowest level in more than three years. More>>


Animal Welfare: Cruel Practices Condemned By DairyNZ Chief

DairyNZ chief executive Tim Mackle says cruel and illegal practices are not in any way condoned or accepted by the industry as part of dairy farming.

Tim says the video released today by Farmwatch shows some footage of transport companies and their workers, as well as some unacceptable behaviour by farmers of dragging calves. More>>


Postnatal Depression: 'The Thief That Steals Motherhood' - Alison McCulloch

Post-natal depression is a sly and cruel illness, described by one expert as ‘the thief that steals motherhood’, it creeps up on its victims, hiding behind the stress and exhaustion of being a new parent, catching many women unaware and unprepared. More>>


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


International Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news