Autoblog

Business booming for Hyundai in 'Bama, new production record set

Jeffrey N. Ross — Sun, 12 May 2013 13:04:00 EST

Filed under: Sedan, Plants/Manufacturing, Hyundai

Although it may be a distinction of mild importance on a global scale, Hyundai announced that last month it set an all-time sales record for the month of April. Digging a little deeper, Hyundai-Blog - an enthusiast site not affiliated with the South Korean automaker - is reporting that another record was set: to go along with 63,315 total sales in April, Hyundai Motor Manufacturing Alabama assembled a record 37,372 Elantra and Sonata sedans.

This doesn't mean that half of Hyundai's April sales came from the Montgomery, AL plant, but it's still a telling sign of just how important this new factory is. The Elantra and Sonata are by far Hyundai's most popular models, accounting for almost 63 percent of all Hyundai sales so far in 2013. Congrats on the achievement, Hyundai.

Business booming for Hyundai in 'Bama, new production record set originally appeared on Autoblog on Sun, 12 May 2013 13:04:00 EST. Please see our terms for use of feeds.

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Hyundai, Kia ratchet up fleet sales as retail transactions slide

Zach Bowman — Tue, 16 Apr 2013 18:30:00 EST

Filed under: Car Buying, Hyundai, Kia, Earnings/Financials

Automotive News reports both Hyundai and Kia have stepped up fleet sales in an attempt to offset disappointing first quarter results. The Korean automakers saw their sales decline by nine percent compared to last year, while all major competitors managed to increase their sales. That situation marks an inversion of two years ago, when both gained ground after Japanese rivals suffered production and inventory shortages after the country's earthquake and tsunami tragedies.

Now, Hyundai can't come up with enough volume models in popular trim configurations to satisfy buyers, and lower-volume models are also in a snag. At the moment, Hyundai can only build 20-30 percent of Veloster hatchbacks with turbocharged engines while the US market would apparently support closer to 70 percent.

In order to reverse the sales slide, Hyundai and Kia have stepped up fleet sales of the vehicles they do have by some 50 percent, ringing up a total of 42,400 units in the first quarter. By contrast, Automotive News reports the seven largest automakers increased retail volume by seven percent and fleet sales by four percent as a group.

Hyundai, Kia ratchet up fleet sales as retail transactions slide originally appeared on Autoblog on Tue, 16 Apr 2013 18:30:00 EST. Please see our terms for use of feeds.

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Hyundai breaks all-time sales record

Jeffrey N. Ross — Fri, 07 Dec 2012 17:45:00 EST

Filed under: Car Buying, Hyundai

Less than a week into the month, and Hyundai has already announced that it has set an all-time sales record for the year in the US. Beating last year's best-ever total of 645,691, Hyundai's record-setting numbers are up eight percent through November, and it has broken monthly sales records in every month so far this year excluding June and October, which includes an all-time monthly record set in March of 69,728 units.

Helping to improve Hyundai's sales this year, new models like the Veloster and Azera have posted massive increases over 2011, while the Accent, Elantra and Tucson have all seen pretty big gains, too. John Krafcik, president and CEO of Hyundai Motor America, gave a brief statement about the momentous occasion in the press release we've posted after the jump.

Continue reading Hyundai breaks all-time sales record

Hyundai breaks all-time sales record originally appeared on Autoblog on Fri, 07 Dec 2012 17:45:00 EST. Please see our terms for use of feeds.

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Hyundai reduces global sales predictions due to struggling European, Chinese economies

Scott Burgess — Sat, 28 Jul 2012 16:00:00 EST

Filed under: China, Europe, Plants/Manufacturing, Hyundai

Hyundai has lowered its 2012 global forecast for the global auto industry by 500,000 units due to faltering European economy and tightening registration restrictions in China, Automotive News has reported.

The South Korean automaker had predicted that 77.6 million new vehicles would be sold worldwide in 2012, but it has lowered that figure to 77.1 million after revising expected European sales figures. Industry-wide, sales in Europe are down 3.2 percent. Hyundai expects sales for the second of the year to be more than one million vehicles less than the first half of the year, which saw 7.65 million units sold.

Additionally, Hyundai officials said that sales in China have dropped slightly, in part because some Chinese cities have begun limiting new vehicle registrations to avoid congestion.

The drop in expectations for all automakers is arguably a minor blip on Hyundai's radar, whose operating profit was up 18 percent for the second quarter.

Hyundai reduces global sales predictions due to struggling European, Chinese economies originally appeared on Autoblog on Sat, 28 Jul 2012 16:00:00 EST. Please see our terms for use of feeds.

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Hyundai to halve fleet sales, aims for 100,000 more retail units

Jeremy Korzeniewski — Tue, 10 Apr 2012 08:43:00 EST

Filed under: Etc., Hyundai

A sale is a sale, right? Well, at least in the automotive world, that's not entirely true. A sale to a regular consumer is, generally speaking and for a number of reasons, much more attractive to an automaker than a sale to a fleet company (sales to companies or the government, for instance).

With that in mind, it's not surprising to hear Hyundai America CEO John Krafcik tell Automotive News that his company is looking to cut its fleet sales in half to about 32,000 units while simultaneously increasing retail sales by 100,000. If Hyundai manages to achieve those goals, it would post a 10-percent sales increase in 2012.

Hyundai to halve fleet sales, aims for 100,000 more retail units originally appeared on Autoblog on Tue, 10 Apr 2012 08:43:00 EST. Please see our terms for use of feeds.

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Even with thin inventories and growing demand, Hyundai not looking for second U.S. plant

Jeff Sabatini — Wed, 16 Nov 2011 11:31:00 EST

Filed under: Plants/Manufacturing, Hyundai, Earnings/Financials

Why is this man smiling? Well, it could be because hotcakes only wish they were selling as well as Hyundais. Or perhaps that grin says he knows something we don't - like when and where his company plans to build a second North American assembly plant.

Yet Hyundai CEO John Krafcik told reporters last week that the Korean-based automaker has no plans to expand its U.S. production, which is currently running at literally 110 percent. Hyundai Motor Manufacturing Alabama has the capacity to build 300,000 Elantra and Sonata models, a number that's been boosted by another 30,000 units this year by way of increased efficiencies. (Hyundai is also getting Sante Fe crossovers from corporate cousin Kia, which operates a plant in Georgia).

Despite the boost in production, Hyundai inventory levels dipped to an extremely low 21 days supply this summer, even as sales continued to grow. Hyundai has already blown past its 2010 numbers, and year-to-date sales are up 21 percent.

This leads Edmunds AutoObserver.com to conclude that it isn't necessarily buying Krafcik's no-new-factories line. "It seems inevitable Hyundai must address its stretched-to-the-max production," says the report, which predicts that Hyundai will announce a plan for U.S. expansion early next year.

Even with thin inventories and growing demand, Hyundai not looking for second U.S. plant originally appeared on Autoblog on Wed, 16 Nov 2011 11:31:00 EST. Please see our terms for use of feeds.

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Hyundai boosting output in hopes of 600,000 U.S. sales in 2011

Jeff Glucker — Thu, 16 Jun 2011 09:31:00 EST

Filed under: Car Buying, Plants/Manufacturing, Hyundai

2011 Hyundai Sonata - Click above for high-res image gallery

Hyundai is making a serious sales push in 2011. Last year, the automaker delivered 538,228 new vehicles to buyers in the United States, but Hyundai's New Year's resolution was apparently to make a run at the 600,000 mark. To accomplish this feat, Hyundai will boost production at its Alabama and South Korean assembly facilities. Workers are putting in overtime hours and even coming in on Saturdays to make sure supply can keep up with demand for the automaker's fresh lineup.

Through the first five months of 2011, Hyundai has sold 263,588 vehicles. At that pace, the automaker is on track to sell 630,000 units in 2011. There's a whole lot of market share out there for the taking, and Hyundai is working hard to make sure it gets as large a slice as possible.

Hyundai boosting output in hopes of 600,000 U.S. sales in 2011 originally appeared on Autoblog on Thu, 16 Jun 2011 09:31:00 EST. Please see our terms for use of feeds.

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Hyundai/Kia will likely top Toyota/Lexus for No. 3 sales spot in May

Jeremy Korzeniewski — Tue, 31 May 2011 16:29:00 EST

Filed under: Car Buying, Japan, Hyundai, Kia, Lexus, Toyota

If forecasts from TrueCar.com are accurate, Hyundai and Kia will be the only automakers to post sales gains in the month of May. Mildly interesting news in itself, but the real shocking nugget is that the Korean conglomerate is expected to pass Toyota (including its Lexus luxury brand) as the third-best-selling automaker in the United States.

Surely there are multiple reasons why Toyota and Lexus sales are expected to drop in May (when compared to April, 2011 and May of 2010), but parts and inventory shortages stemming from the devastating earthquake and subsequent tsunami in Japan are front and center.

Credit also goes to Hyundai and Kia for the dramatic gains they have made on their Japanese and American competitors in the last few years, both in sales and in consumer perception. That said, Toyota seems likely to rebound in the coming months, so it will be an interesting exercise to follow the sales charts.

When all the numbers finally come in, TrueCar.com expects the month of May to show an eight-percent drop in sales from April. As you would expect, shortages of cars imported from Japan is partly to blame, but lowered incentives from all automakers is also cited as a contributing factor.

Hyundai/Kia will likely top Toyota/Lexus for No. 3 sales spot in May originally appeared on Autoblog on Tue, 31 May 2011 16:29:00 EST. Please see our terms for use of feeds.

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Hyundai announces 5 million units sold in Europe

Jonathon Ramsey — Sat, 28 May 2011 15:36:00 EST

Filed under: Budget, Europe, Hyundai

The UK-market Hyundai i30 - Click above to enlarge

It's official: five million Hyundai vehicles have been paired with paying customers in Europe since 1977. It began with a Hyundai Pony sent home with a UK buyer, and the latest milestone was achieved with the sale of an i30 (pictured). Although it works out to roughly 147,000 cars per year over those 34 years, the Korean firm didn't hit the million-sales mark until 1996. The second million came in 2001, the third million in 2005, and it's been another million every three years since.

More than half of those sales are accounted for by just five European countries, with Germany in the lead at 714,260 units. There's a press release after the jump with all the info.

Continue reading Hyundai announces 5 million units sold in Europe

Hyundai announces 5 million units sold in Europe originally appeared on Autoblog on Sat, 28 May 2011 15:36:00 EST. Please see our terms for use of feeds.

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Hyundai quarterly profit up 46% to $1.75B

Chris Shunk — Thu, 28 Apr 2011 10:56:00 EST

Filed under: Hyundai, Earnings/Financials

Hyundai has had a big year, and the results are showing in the form of healthy profits. According to BusinessWeek, the Korean automaker earned $1.75 billion in the first quarter, up 46 percent versus the first quarter of 2010. Overall revenue was up 21 percent to $17 billion.

Sales volume was higher as well, as the 922,000 units sold globally represented a nine percent increase. Much of that increase occurred in plants in the U.S. and China, where output climbed by 14 percent. A richer model mix also buoyed Hyundai's profits, as pricing per model rose by an impressive 14 percent in overseas markets and 2.5 percent in its Korean home market.

Hyundai's impressive quarterly performance helped rally stocks in Korea, and the automaker saw a 7.5 percent gain on the day. For the year, Hyundai's share price has risen a meteoric 44 percent.

[Source: BusinessWeek | Image: Zach Bowman/AOL]

Hyundai quarterly profit up 46% to $1.75B originally appeared on Autoblog on Thu, 28 Apr 2011 10:56:00 EST. Please see our terms for use of feeds.

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Hyundai CEO Krafcik warns against price war, short-term thinking

Jeff Glucker — Sun, 13 Feb 2011 11:01:00 EST

Filed under: GM, Hyundai, Toyota, Earnings/Financials

Hyundai Motor America President and CEO John Krafcik believes that some automakers are starting a price war, which would be an unwise move that focuses solely on short-term sales.

General Motors had strong sales in January 2011, but its 23-percent gain was due to increased incentives and price-cutting. After GM made its move, Toyota followed suit.

Krafcik says that Hyundai, whose incentive spending is among the lowest in the industry, has no plans to join in this game. Heavy incentive spending leads to sharp up and downswings in an automaker's accounting ledger. Hyundai sales rose 24 percent in 2010 and Krafcik expects to see improvements in 2011. While some automakers are fiddling with the radio, Krafcik is paying attention to the road in front of him.

[Source: The Economic Times]

Hyundai CEO Krafcik warns against price war, short-term thinking originally appeared on Autoblog on Sun, 13 Feb 2011 11:01:00 EST. Please see our terms for use of feeds.

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Hyundai hits 500,000 sales in U.S. for first time ever

Jeff Glucker — Tue, 14 Dec 2010 10:31:00 EST

Filed under: Car Buying, Hyundai

2011 Hyundai Sonata 2.0T - Click above for high-res image gallery

It should hardly come as news to anyone reading Autoblog that Hyundai is in the midst of a hot streak. New models are coming out left and right, the automaker's quality is reaching new heights and there are no signs of slowing down. So while the automaker's momentum isn't news, its sales numbers are: For the first time in its history, the Korean manufacturer has broken the 500,000 unit sales barrier in the States.

The hottest item for Hyundai this year? The aforementioned Sonata, of which 183,102 have been sold. The Sonata is followed by the Elantra and Sante Fe with sales of 120,924 and 70,082 respectively.

This is Hyundai's 25th year in the United States and its sales are way up for the year. Sonata sales are up 64 percent over last year while the Tuscon has exploded - up 145 percent - and the Genesis has gained 37 percent over its prior year sales.

Gallery: 2011 Hyundai Sonata 2.0T: First Drive

Photos copyright (C)2010 Zach Bowman / AOL
[Source: Hyundai Motor America]

Continue reading Hyundai hits 500,000 sales in U.S. for first time ever

Hyundai hits 500,000 sales in U.S. for first time ever originally appeared on Autoblog on Tue, 14 Dec 2010 10:31:00 EST. Please see our terms for use of feeds.

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One market where Hyundai sales aren't white hot? Home.

Sam Abuelsamid — Mon, 05 Jul 2010 16:14:00 EST

Filed under: Hyundai, Kia, South Korea

2011 Hyundai Sonata - Click above for high-res image gallery

It seems that Hyundai is having a very similar problem to Buick in its home market. Overseas customers can't get enough of its products, but buyers at home are rather ho-hum. Just as Buick is huge in China, Hyundai models are selling like gangbusters in North America and Europe. However, in South Korea, Hyundai sales have dropped for three months in a row. Interestingly, sister brand Kia is seeing robust sales for its just introduced K5 (Optima in the U.S.) and Sportage with total volumes up by 49 percent compared to 2009.

Lack of fresh product is blamed for the 1.2 percent decline at Hyundai, although the new Tucson and Sonata were launched just last Fall. Hyundai has several new products coming in August with the new Elantra and Accent as well as the new Veloster coupe (or whatever it ends up being called), and those new models may spur an increase in domestic sales.

Gallery: First Drive: 2011 Hyundai Sonata

[Source: Reuters]

One market where Hyundai sales aren't white hot? Home. originally appeared on Autoblog on Mon, 05 Jul 2010 16:14:00 EST. Please see our terms for use of feeds.

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Ward's obtains Hyundai doc detailing plan to split off luxury cars in dealerships

Dan Roth — Sat, 02 Jan 2010 09:55:00 EST

Filed under: Etc., Marketing/Advertising, Hyundai, Luxury

2010 Hyundai Equus - Click above for high-res image gallery

Before the Hyundai Genesis arrived in showrooms, there was talk of the car launching under the aegis of its own brand, much like the debut of the Lexus LS400 back in 1990. That didn't happen, and premium Hyundai models like the Genesis and the forthcoming 2010 Equus share floor space with Accents and Tucsons.

Still, the thought of a roped-off premium car department has a certain pull. "Sectioning off the brand, that's the Holy Grail," said Hyundai Motors USA CEO John Krafcik to Ward's Auto. What Krafcik and his Korean masters may have up their collective sleeve is a way to get some of the desired differentiation without the massive costs a new brand launch would entail.

Dave Zuchowski, Hyundai's North American sales vice president, has drawn parallels to Toyota's co-locating efforts with its Scion sub-brand in a letter to dealers, laying out the plans for incorporating the Equus into showrooms. "This strategy will create physical and psychological separation in the Hyundai showroom," says Zuchowski, while dealers remain less convinced that this means anything more for them than increased costs. On the retail end, stores will be required to purchase several kits for showroom, service, and parts support of the Equus. While not as expensive as a full-blown new store would be, dealers still might have trouble mustering enthusiasm for hundreds of thousands of dollars in corporate-ordered directives that franchisees may have to comply with.

Dealer unhappiness aside, Zuchowski lays out Hyundai's strategy clearly. "We intend to use the launch of the new Equus to develop and further establish Hyundai as a legitimate force in the premium-luxury segments;" intimating there might be more to it than just the Genesis models and the luxo-liner Equus - a "Genesised-up" Santa Fe might do battle against the Lexus RX, for instance. While it will cost dealers money, Zuchowski notes that ultimately, it's the cheapest way to go while "still providing an enhanced dealership environment...that will devliver a substantial incremental profit opportunity with very reasonable dealer investment." In other words, pay the man now, and cash in later, if all goes well.

Gallery: Quick Spin: Hyundai Equus

[Source: Ward's Auto]

Ward's obtains Hyundai doc detailing plan to split off luxury cars in dealerships originally appeared on Autoblog on Sat, 02 Jan 2010 09:55:00 EST. Please see our terms for use of feeds.

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How do you spell Hyundai's Kryptonite? J-D-M

Dan Roth — Sun, 29 Nov 2009 18:19:00 EST

Filed under: Car Buying, Japan, Hyundai, Kia, Earnings/Financials, South Korea

As Hyundai continues to pull itself up by its bootstraps, the company is moving decisively and picking up share around the globe. However, one key market continues to be so problematic for the brand that they've decided to abandon it altogether: Japan. Rather than dodder around and wait for its disappointing performance to improve, Hyundai is tying off the bleeder that is the company's Japanese market presence. The cars themselves, either under Hyundai badging or as Kias, have become contenders in terms of styling and quality, two key indicators of the company's commitment. And the move into Japan was part of Hyundai's worldwide plan for expansion. For all its efforts, though, the famously insular market has deflected this outsider. In the eight years Hyundai has been selling vehicles in Japan, it has only managed to shift 15,000 units.

For all its efforts, 1,875 cars per year just isn't worth it to Hyundai, though it will still try to sell commercial vehicles to Japan. According to the South Korean daily, Chosun Iibo, tariffs are slapped on outsiders selling cars in Japan, and the size of some models Hyundai's been trying to market there doesn't match up with typical Japanese garages and parking spaces. Buyers who have the space for larger cars aren't the ones Hyundai's trying to nab, either. Those purchasers typically pursue higher-end metal.

Interestingly, rival Toyota might see Hyundai's move as a sort of victory. Toyota itself established a beachhead in the more-welcoming South Korean market in 2000, and has been selling thousands of vehicles there under its Lexus and Toyota nameplates. While Hyundai is giving up on Japan, Toyota's looking to move more cars than ever in South Korea.

[Sources: CNBC. Chosun]

How do you spell Hyundai's Kryptonite? J-D-M originally appeared on Autoblog on Sun, 29 Nov 2009 18:19:00 EST. Please see our terms for use of feeds.

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REPORT: Hyundai may extend Assurance program, go after fuel economy crown

Dan Roth — Thu, 22 Oct 2009 10:40:00 EST

Filed under: Marketing/Advertising, Hyundai, Earnings/Financials

If you haven't noticed, Hyundai's been on a multifaceted tear lately. Earlier this year, Hyundai came out with its Hyundai Assurance Program, letting customers return their cars if they suffered a loss of employment. CEO John Krafcik confirms that Hyundai Assurance is staying until the end of 2009, and its future beyond that is under serious scrutiny. Aside from its new models, the innovative car-return initiative was probably the biggest news to come out of Hyundai all year, and other automakers have followed suit with similar plans of their own.

While everyone else is down and the overall market has taken a 30% whack, Hyundai's U.S. sales are up 2% for the first nine months of this year.

Rather than rest on its laurels, Hyundai wants to further increase its sales. Turning over the cars it has to offer has made the Korean automaker's model mix relatively fresh, and word is they are going after America's fuel-economy crown, as well. While there is a hybrid Sonata on the way, the new model is probably not going to move Hyundai up from #3 in fuel efficiency all on its own (the automaker trails Toyota and Honda), so the rest of its fleet is reportedly getting a fine-toothed once over.

[Source: Automotive News - sub. req.]

REPORT: Hyundai may extend Assurance program, go after fuel economy crown originally appeared on Autoblog on Thu, 22 Oct 2009 10:40:00 EST. Please see our terms for use of feeds.

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Cash-for-Clunkers trade-ins account for 7 percent of Hyundai sales in first week

John Neff — Fri, 10 Jul 2009 17:29:00 EST

Filed under: Car Buying, Hyundai

So far, Hyundai has been the only automaker in the U.S. to accept early trade-ins under the Car Allowance Rebate System (CARS), or Cash-for-Clunkers (CFC), program. Most are waiting for the U.S. Department of Transportation to finalize the program's rules and regulations by July 24th, but Hyundai decided to start early since the program covers all transactions dating back to July 1st. Since the government hasn't set up a reimbursement process for the rebates that range from $3,500 to $4,500 just yet, Hyundai is floating its participating dealers short-term loans in the meantime.

After just one week of accepting Cash-for-Clunkers trade-ins, Hyundai has revealed that these deals added up to 7 percent of its overall sales and could reach 10 percent by month's end. The most interesting statistics, however, are what's being traded in. While Hyundai doesn't break it down by model, according to its numbers, 32 percent were Ford vehicles, 23 percent Dodge and the rest were from Lexus, Jaguar and Mercedes-Benz. Keep in mind, all these customers are trading in for a Hyundai, and 41 percent chose the Elantra! The Sonata came in second with 29 percent of CFC sales and the Accent third with 16 percent.

Judging by this early report on how the CFC program affects sales, it will be very interesting to see what happens after the hammer drops on July 24th and all automakers begin participating. The effect on July sales will likely be small, so we'll have to wait until the end of August to see if Cash-for-Clunkers has really made a difference. For Hyundai, however, it already has.

[Source: Hyundai]

Continue reading Cash-for-Clunkers trade-ins account for 7 percent of Hyundai sales in first week

Cash-for-Clunkers trade-ins account for 7 percent of Hyundai sales in first week originally appeared on Autoblog on Fri, 10 Jul 2009 17:29:00 EST. Please see our terms for use of feeds.

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Hyundai and Kia seen using fleets to boost sales numbers

Michael Harley — Mon, 13 Apr 2009 16:30:00 EST

Filed under: Car Buying, Plants/Manufacturing, Hyundai, Kia, Earnings/Financials

While most automakers are reporting double-digit drops in sales each month, Hyundai and Kia continue to swim against the current and maintain (or even increase) units sold. According to Automotive News, a significant part of their success is attributable to fleet sales - large numbers of cars going directly into rental and corporate fleets. During the first quarter of 2009 alone, more than 33 percent of Hyundai's first quarter sales of 95,854 units were fleet related. Rental car sales represented nearly 35 percent of Kia's sales during the same period.

There is nothing inherently wrong with fleet sales, but many in the industry see them as a historically-abused method to inflate numbers, an inaccurate reflection of actual showroom traffic, and a potential liability for residual values. "We accept the criticism that our fleet is up," Hyundai Motor America's sales boss Dave Zuchowski said when he addressed the issue. "But our retail share also is up and outperformed the industry."

Utilized heavily by the Detroit Three in the past, fleet sales are a double-edged sword. Automakers get a strong boost in sales when the vehicles are delivered, but then pay heavy consequences with an oversaturated segment when the cars are dumped back into the used car market. It will be interesting to see how the Korean sister brands will address this repercussion in the near future.

[Source: Automotive News - subs. req'd]

Hyundai and Kia seen using fleets to boost sales numbers originally appeared on Autoblog on Mon, 13 Apr 2009 16:30:00 EST. Please see our terms for use of feeds.

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Hyundai resets its sights on 500,000 units in 2008

Jonathon Ramsey — Mon, 28 Jan 2008 18:05:00 EST

Filed under: Car Buying, Hyundai

In 2007 Hyundai had a US sales target of 555,000. That number was set by HQ in Korea, and when it was clear they weren't going to make it, they revised it downward to just over 500,000. By the time the bell rung, even that number proved a little beyond Hyundai's reach: they sold 467,009 cars last year. That still represented a 2.5-percent gain over 2006 sales.

Hyundai's goal this year is a 20-percent increase in global sales. For the US, though, the goal is 500,000 units, which is the goal set by the folks in the US, not Korea, and even though nearly everyone has predicted a sales downturn, that goal is "regardless of what the industry is doing." To achieve those sales, the automaker has revamped numerous aspects of their dealer incentive operation. Hyundai dealership profit was down five-percent last year, and only two-thirds of dealers benefited from company incentives. This year, the dealer incentive has been streamlined and set up so that 99-percent of dealers are expected to receive some sort of incentive. Dealers will also be receiving more Accents and Elantras to prevent the shortages experienced last year.

Hyundai is also bringing back its dealer ad associations and is going to distribute more largesse to help dealers advertise everything happening for the growing brand. Hyundai has a refreshed Sonata and the new Genesis coming in the spring, and the Genesis coupe and Elantra Touring coming later this year, and it wants to make sure everyone hears the word. It's quite conceivable that Hyundai can increase its sales this year in spite of the market, and making its dealers happy will be a good way to help the cause. Dealers are, of course, happy about the changes, but also want to make sure Hyundai doesn't forget its bread and butter cars and customers in the Genesis hoopla.

[Source: Automotive News - Sub. Req.]

Hyundai resets its sights on 500,000 units in 2008 originally appeared on Autoblog on Mon, 28 Jan 2008 18:05:00 EST. Please see our terms for use of feeds.

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Hyundai reaches 5 million cars in the US

Siddharth Raja — Thu, 19 Jul 2007 14:33:00 EST

Filed under: Etc., Hyundai, Earnings/Financials

Hyundai announced today that it has passed the five million sales milestone in the U.S. since entering the market a little over two decades ago. During that time, Hyundai has transformed itself from a cheap and shoddy import brand into one that can rival industry leader Toyota for reliability, and is now on track to reach its goal of being the fifth largest automaker in the world by the end of the decade.

The first Hyundai to be sold in the U.S. was the Excel compact, which arrived back in 1986. Hyundai was unprepared for the levels of sales its Excel would enjoy, and consequently couldn't provide adequate service for its rapidly growing customer base. This led to the company being stereotyped as the maker of unreliable cars, but this all changed at the turn of the century when Chairman Chung Mong-koo made quality a key priority.

Today, Hyundai is manufacturing cars in the U.S. and Europe and is on target to reach 550,000 sales in America for this year. Recently, products like the new Veracruz and Santa Fe have shown just how far Hyundai has come. Next up is the Genesis luxury sedan and a rear-wheel-drive coupe.

[Source: Detroit News]

Hyundai reaches 5 million cars in the US originally appeared on Autoblog on Thu, 19 Jul 2007 14:33:00 EST. Please see our terms for use of feeds.

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