Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Kia breaks ground in Georgia, rolls back sales target]]>http://www.autoblog.com/2006/10/20/kia-breaks-ground-in-georgia-rolls-back-sales-target/http://www.autoblog.com/2006/10/20/kia-breaks-ground-in-georgia-rolls-back-sales-target/http://www.autoblog.com/2006/10/20/kia-breaks-ground-in-georgia-rolls-back-sales-target/#commentsFiled under: ,

We just talked about the fact that Kia and Hyundai were scaling back sales projections for 2006, now we are learning that production will be adjusted as well. After a series of high-level scandals and ensuing postponements, Kia Motors Corp. finally broke ground on its Georgia facility today. And at the company's official groundbreaking ceremony today, it announced some changes. Most important was the announcement about where the new vehicles produced at this plant will be headed.

While Kia had originally projected U.S. sales of 800,000 vehicles a year in 2010, they are now expecting sales to be closer to 650,000 units, according to Kia CEO Chung Eui Sun. Chung and his father, Hyundai-Kia Group Chairman Chung Mong Koo, participated in the ceremonial shovel lift at Kia's first U.S. plant today. The younger Chung said that the billion dollar plant will likely ship its excess production to Latin American markets, possibly including a new-to-Kia market, Mexico. Kia CEO Chung added that production had been tabbed to begin in September 2009, but November 2009 looks more likely now.

Len Hunt, Kia Motors America executive vice president and COO, pointed out that although Kia has only moved 222,000 so far this year, it hopes to reach 300,000: "It will be a bit of a stretch, but the 300,000 target would be psychologically important," Hunt said. "The dealers are really excited that Kia is investing in America, because that's what we're continually asking them to do. It says to them that we're here to stay."

[Source: Automotive News, sub req]

Kia breaks ground in Georgia, rolls back sales target originally appeared on Autoblog on Fri, 20 Oct 2006 17:57:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Chung Eui SunChung Mong KooChungEuiSunChungMongKoogroundbreakingHyundai-KiaKia Motors Corp.KiaMotorsCorp.Len HuntLenHuntFri, 20 Oct 2006 17:57:00 EST<![CDATA[Kia chief spared indictment in Korean bribery scandal]]>http://www.autoblog.com/2006/06/10/kia-chief-spared-indictment-in-korean-bribery-scandal/http://www.autoblog.com/2006/06/10/kia-chief-spared-indictment-in-korean-bribery-scandal/http://www.autoblog.com/2006/06/10/kia-chief-spared-indictment-in-korean-bribery-scandal/#commentsFiled under: , , ,

The South Korean government has decided not to pursue an indictment against Chung Eui Sun, president of Kia Motors. The move not to prosecute apparently stemmed from the fact that his father, Chung Mong Koo (Hyundai Motor chairman) was the one with final authority, and he is being indicted in the bribery scandal.

A spokesman from the prosecutor's office indicates that Chung Mong Koo has confessed to some of the charges, though more specifics were not disclosed.

[Sources: The Standard; Hankooki]

Kia chief spared indictment in Korean bribery scandal originally appeared on Autoblog on Sat, 10 Jun 2006 08:03:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>briberyChung Eui SunChung Mong KooChungEuiSunChungMongKoocorporate scandalCorporateScandalgraftinghyundaikiaSat, 10 Jun 2006 08:03:00 EST<![CDATA[Prosecutors looking to arrest Hyundai chief in bribery scandal]]>http://www.autoblog.com/2006/04/28/prosecutors-want-hyundai-chief-arrested-in-bribery-scandal/http://www.autoblog.com/2006/04/28/prosecutors-want-hyundai-chief-arrested-in-bribery-scandal/http://www.autoblog.com/2006/04/28/prosecutors-want-hyundai-chief-arrested-in-bribery-scandal/#commentsFiled under: , ,

Prosecuting attorneys in South Korea have requested an arrest warrant for Chairman Chung Mong-Koo of the Hyundai Motor Group. The paperwork is being sought on charges that the executive embezzled $106 million via slush funds, using some of the ill-gotten gains to graft government officials, among other accusations. The warrant filing comes  just days after the chairman was  interrogated for better than half the day on Monday.

His son, Chung Eui Sun is also being checked out closely by authorities, but no arrest appears immediately forthcoming, as there is more investigating to be done.

[Sources: AFP via TurkishPress.com; The Korea Times]

Prosecutors looking to arrest Hyundai chief in bribery scandal originally appeared on Autoblog on Fri, 28 Apr 2006 08:03:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>BriberyCEOChung Eui SunChung Mong-KooChungEuiSunChungMong-koocorruptionGraftHyundaiKiaSouth KoreaSouthKoreaFri, 28 Apr 2006 08:03:00 EST