2011 Hyundai Elantra peeks out ahead of LA Auto Show
#16
Lexus Test Driver
TRD, I'd like some proof about the government backing claim. It's not the first I've heard of it but like you, that information has come from Hyundai anti's with never any hard evidence. If you can provide that, your post may have a little more solidity that your own personal claim which holds certainty whatsoever.
#17
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Some reading for everyone...
http://books.google.com/books?id=Uec...acking&f=false
http://www.fundinguniverse.com/compa...y-History.html
As Korea's second-largest conglomerate, with 1990 revenues estimated at $35 billion, Hyundai Group was clearly to play an important role in the new Korea. Indeed, the Hyundai founder and chairman, Chung Ju Yung, chose personally to play a new, political role in that development, founding a new political party early in 1992 with a view to promoting open-market policies. Chung's Unification National Party (UNP) promptly won 10 percent of National Assembly seats; Chung himself then retired from his Hyundai chairmanship to set his sights on the Korean presidency. The Hyundai conglomerate, already forced by the government to pay billions in back taxes, came under even more severe government pressures after Chung formed his party. Regulators charged illegal political contributions by one Hyundai company and accused others of tax evasion. In addition, Hyundai's ability to finance its operations was threatened by other government actions. In return, Hyundai, at this time headed by Chung Se Yung, threatened to withhold huge investments planned for the coming year. In 1993, having finished third in South Korea's presidential election, Chung Ju Yung reportedly said that he would resume chairmanship of the Hyundai Group and would reorganize the corporation into many specialized, independently run companies. In 1995, his second-eldest son, Chung Mong Koo, was named chairman of the group while Chung remained honorary chairman.
http://www.exampleessays.com/viewpaper/2373.html
The Korean auto industry is both a product of timing and of an industry that has the backing and influences of the national government.
http://www.atimes.com/asia-crisis/BF03Db01.html
Asian Crisis
Hyundai falls, South Korea rises
STRATFOR.COM's
Global Intelligence Update
June 2, 2000
Summary
Chung Ju-yung, the founder of South Korea's largest business conglomerate, Hyundai, announced on May 31 that his family would completely withdraw from day-to-day management of the company. Chung also announced Hyundai would place international investors in management positions and allow much of the company to be parceled up and sold on the open market. This very public acceptance of government-urged reforms has left the Korean financial markets giddy in anticipation of what is to come. The outlook for the South Korean economy and the South Korean government just brightened considerably.
Analysis
The patriarchal leader of South Korea's largest business conglomerate, Hyundai, announced May 31 that his family would drastically reduce their presence in the conglomerate's operation and restructure the entire firm, placing international investors in management positions and allowing much of the company to be parceled up and sold. These changes mirror the Korean government's plans for all of the Korean business giants, or chaebol. Hyundai's restructuring and the chain reaction of reforms that will follow will bolster Korea's economy as well as South Korean President Kim Dae-jung.
Hyundai is not the first of the chaebol - Korea's family owned corporate giants - to be cut down to size. Last July, Daewoo, then the country's second-largest chaebol, collapsed under the weight of its $78 billion debt - $20 billion more than the International Monetary Fund's (IMF) entire 1998 bailout package for South Korea. Since many of the chaebol face similar situations, the collapse of the industrial giant unnerved South Korea, which slowed the pace of economic reform considerably.
Over the past several weeks, however, the South Korean government quietly pushed Hyundai to put its financial affairs in order, knowing that if it waited too long, then Hyundai - an $80 billion firm - would eventually collapse as well. Yet Hyundai proved stubborn in the face of government demands that it dump nonproductive firms, adopt transparent accounting practices and streamline management structures.
For the government of President Kim, the break-up of Hyundai is nothing short of a political gold mine. While recognizing that decades of chaebol-government collusion created the wealth they now enjoy, Koreans remain bitterly resentful at the level of corruption within the family-run conglomerates.
But now Hyundai, the chaebol most favored by the Kim administration, is being systematically dismantled. Kim will undoubtedly reap the political windfall - and promptly turn it to his advantage.
TRD, I'd like some proof about the government backing claim. It's not the first I've heard of it but like you, that information has come from Hyundai anti's with never any hard evidence. If you can provide that, your post may have a little more solidity that your own personal claim which holds certainty whatsoever.
http://www.fundinguniverse.com/compa...y-History.html
As Korea's second-largest conglomerate, with 1990 revenues estimated at $35 billion, Hyundai Group was clearly to play an important role in the new Korea. Indeed, the Hyundai founder and chairman, Chung Ju Yung, chose personally to play a new, political role in that development, founding a new political party early in 1992 with a view to promoting open-market policies. Chung's Unification National Party (UNP) promptly won 10 percent of National Assembly seats; Chung himself then retired from his Hyundai chairmanship to set his sights on the Korean presidency. The Hyundai conglomerate, already forced by the government to pay billions in back taxes, came under even more severe government pressures after Chung formed his party. Regulators charged illegal political contributions by one Hyundai company and accused others of tax evasion. In addition, Hyundai's ability to finance its operations was threatened by other government actions. In return, Hyundai, at this time headed by Chung Se Yung, threatened to withhold huge investments planned for the coming year. In 1993, having finished third in South Korea's presidential election, Chung Ju Yung reportedly said that he would resume chairmanship of the Hyundai Group and would reorganize the corporation into many specialized, independently run companies. In 1995, his second-eldest son, Chung Mong Koo, was named chairman of the group while Chung remained honorary chairman.
http://www.exampleessays.com/viewpaper/2373.html
The Korean auto industry is both a product of timing and of an industry that has the backing and influences of the national government.
http://www.atimes.com/asia-crisis/BF03Db01.html
Asian Crisis
Hyundai falls, South Korea rises
STRATFOR.COM's
Global Intelligence Update
June 2, 2000
Summary
Chung Ju-yung, the founder of South Korea's largest business conglomerate, Hyundai, announced on May 31 that his family would completely withdraw from day-to-day management of the company. Chung also announced Hyundai would place international investors in management positions and allow much of the company to be parceled up and sold on the open market. This very public acceptance of government-urged reforms has left the Korean financial markets giddy in anticipation of what is to come. The outlook for the South Korean economy and the South Korean government just brightened considerably.
Analysis
The patriarchal leader of South Korea's largest business conglomerate, Hyundai, announced May 31 that his family would drastically reduce their presence in the conglomerate's operation and restructure the entire firm, placing international investors in management positions and allowing much of the company to be parceled up and sold. These changes mirror the Korean government's plans for all of the Korean business giants, or chaebol. Hyundai's restructuring and the chain reaction of reforms that will follow will bolster Korea's economy as well as South Korean President Kim Dae-jung.
Hyundai is not the first of the chaebol - Korea's family owned corporate giants - to be cut down to size. Last July, Daewoo, then the country's second-largest chaebol, collapsed under the weight of its $78 billion debt - $20 billion more than the International Monetary Fund's (IMF) entire 1998 bailout package for South Korea. Since many of the chaebol face similar situations, the collapse of the industrial giant unnerved South Korea, which slowed the pace of economic reform considerably.
Over the past several weeks, however, the South Korean government quietly pushed Hyundai to put its financial affairs in order, knowing that if it waited too long, then Hyundai - an $80 billion firm - would eventually collapse as well. Yet Hyundai proved stubborn in the face of government demands that it dump nonproductive firms, adopt transparent accounting practices and streamline management structures.
For the government of President Kim, the break-up of Hyundai is nothing short of a political gold mine. While recognizing that decades of chaebol-government collusion created the wealth they now enjoy, Koreans remain bitterly resentful at the level of corruption within the family-run conglomerates.
But now Hyundai, the chaebol most favored by the Kim administration, is being systematically dismantled. Kim will undoubtedly reap the political windfall - and promptly turn it to his advantage.
#18
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Thay said the same thing about the Japanese 30 years, The Japanese use to take apart the competition's car and study and copy them. That is the advantage of being a start up car company. You can pretty say that about any industry, its always cheaper to follow than to lead. Toyota and Lexus have learned that a long time ago. Only recently have Toyota started to introduce some new automotive technology. Honda have learned that new technologies doesnt always spell profit.
When Hyundai starts to introduce new technologies and innovations, and starts to have at least a little bit of cohesion and originality in their styling then we can talk.
I hope that all of you who are bashing Hyundai and questioning their finances do realize that unlike Toyota/Lexus, Nissan/Infiniti, and Mazda, Hyundai Corp is a manufacturing GIANT not limited only to automotive vehicles.
You wonder where the money comes from? They're not solely dependent on their vehicle sales for profit.
TRD, I'd like some proof about the government backing claim. It's not the first I've heard of it but like you, that information has come from Hyundai anti's with never any hard evidence. If you can provide that, your post may have a little more solidity that your own personal claim which holds certainty whatsoever.
You wonder where the money comes from? They're not solely dependent on their vehicle sales for profit.
TRD, I'd like some proof about the government backing claim. It's not the first I've heard of it but like you, that information has come from Hyundai anti's with never any hard evidence. If you can provide that, your post may have a little more solidity that your own personal claim which holds certainty whatsoever.
#19
Lexus Test Driver
There have been a few threads on this already. World's 1st, such as an 8 speed transmission doesnt not mean its a new automotive technology. Toyota have always play it safe, thats not necessarily a bad thing.
#20
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If an 8-speed auto transmission is not "new technology" in your opinion, then many of the world firsts and technologies that Mercedes introduced over several decades aren't "new" either.
Comparing apples to apples, when you look at what the industry considers as "new technology" and what other automakers have been credited for, yes Toyota has indeed been introducing new technologies over the past 20 years.
#21
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Some reading for everyone...
http://books.google.com/books?id=Uec...acking&f=false
http://www.fundinguniverse.com/compa...y-History.html
As Korea's second-largest conglomerate, with 1990 revenues estimated at $35 billion, Hyundai Group was clearly to play an important role in the new Korea. Indeed, the Hyundai founder and chairman, Chung Ju Yung, chose personally to play a new, political role in that development, founding a new political party early in 1992 with a view to promoting open-market policies. Chung's Unification National Party (UNP) promptly won 10 percent of National Assembly seats; Chung himself then retired from his Hyundai chairmanship to set his sights on the Korean presidency. The Hyundai conglomerate, already forced by the government to pay billions in back taxes, came under even more severe government pressures after Chung formed his party. Regulators charged illegal political contributions by one Hyundai company and accused others of tax evasion. In addition, Hyundai's ability to finance its operations was threatened by other government actions. In return, Hyundai, at this time headed by Chung Se Yung, threatened to withhold huge investments planned for the coming year. In 1993, having finished third in South Korea's presidential election, Chung Ju Yung reportedly said that he would resume chairmanship of the Hyundai Group and would reorganize the corporation into many specialized, independently run companies. In 1995, his second-eldest son, Chung Mong Koo, was named chairman of the group while Chung remained honorary chairman.
http://www.exampleessays.com/viewpaper/2373.html
The Korean auto industry is both a product of timing and of an industry that has the backing and influences of the national government.
http://www.atimes.com/asia-crisis/BF03Db01.html
Asian Crisis
Hyundai falls, South Korea rises
STRATFOR.COM's
Global Intelligence Update
June 2, 2000
Summary
Chung Ju-yung, the founder of South Korea's largest business conglomerate, Hyundai, announced on May 31 that his family would completely withdraw from day-to-day management of the company. Chung also announced Hyundai would place international investors in management positions and allow much of the company to be parceled up and sold on the open market. This very public acceptance of government-urged reforms has left the Korean financial markets giddy in anticipation of what is to come. The outlook for the South Korean economy and the South Korean government just brightened considerably.
Analysis
The patriarchal leader of South Korea's largest business conglomerate, Hyundai, announced May 31 that his family would drastically reduce their presence in the conglomerate's operation and restructure the entire firm, placing international investors in management positions and allowing much of the company to be parceled up and sold. These changes mirror the Korean government's plans for all of the Korean business giants, or chaebol. Hyundai's restructuring and the chain reaction of reforms that will follow will bolster Korea's economy as well as South Korean President Kim Dae-jung.
Hyundai is not the first of the chaebol - Korea's family owned corporate giants - to be cut down to size. Last July, Daewoo, then the country's second-largest chaebol, collapsed under the weight of its $78 billion debt - $20 billion more than the International Monetary Fund's (IMF) entire 1998 bailout package for South Korea. Since many of the chaebol face similar situations, the collapse of the industrial giant unnerved South Korea, which slowed the pace of economic reform considerably.
Over the past several weeks, however, the South Korean government quietly pushed Hyundai to put its financial affairs in order, knowing that if it waited too long, then Hyundai - an $80 billion firm - would eventually collapse as well. Yet Hyundai proved stubborn in the face of government demands that it dump nonproductive firms, adopt transparent accounting practices and streamline management structures.
For the government of President Kim, the break-up of Hyundai is nothing short of a political gold mine. While recognizing that decades of chaebol-government collusion created the wealth they now enjoy, Koreans remain bitterly resentful at the level of corruption within the family-run conglomerates.
But now Hyundai, the chaebol most favored by the Kim administration, is being systematically dismantled. Kim will undoubtedly reap the political windfall - and promptly turn it to his advantage.
http://books.google.com/books?id=Uec...acking&f=false
http://www.fundinguniverse.com/compa...y-History.html
As Korea's second-largest conglomerate, with 1990 revenues estimated at $35 billion, Hyundai Group was clearly to play an important role in the new Korea. Indeed, the Hyundai founder and chairman, Chung Ju Yung, chose personally to play a new, political role in that development, founding a new political party early in 1992 with a view to promoting open-market policies. Chung's Unification National Party (UNP) promptly won 10 percent of National Assembly seats; Chung himself then retired from his Hyundai chairmanship to set his sights on the Korean presidency. The Hyundai conglomerate, already forced by the government to pay billions in back taxes, came under even more severe government pressures after Chung formed his party. Regulators charged illegal political contributions by one Hyundai company and accused others of tax evasion. In addition, Hyundai's ability to finance its operations was threatened by other government actions. In return, Hyundai, at this time headed by Chung Se Yung, threatened to withhold huge investments planned for the coming year. In 1993, having finished third in South Korea's presidential election, Chung Ju Yung reportedly said that he would resume chairmanship of the Hyundai Group and would reorganize the corporation into many specialized, independently run companies. In 1995, his second-eldest son, Chung Mong Koo, was named chairman of the group while Chung remained honorary chairman.
http://www.exampleessays.com/viewpaper/2373.html
The Korean auto industry is both a product of timing and of an industry that has the backing and influences of the national government.
http://www.atimes.com/asia-crisis/BF03Db01.html
Asian Crisis
Hyundai falls, South Korea rises
STRATFOR.COM's
Global Intelligence Update
June 2, 2000
Summary
Chung Ju-yung, the founder of South Korea's largest business conglomerate, Hyundai, announced on May 31 that his family would completely withdraw from day-to-day management of the company. Chung also announced Hyundai would place international investors in management positions and allow much of the company to be parceled up and sold on the open market. This very public acceptance of government-urged reforms has left the Korean financial markets giddy in anticipation of what is to come. The outlook for the South Korean economy and the South Korean government just brightened considerably.
Analysis
The patriarchal leader of South Korea's largest business conglomerate, Hyundai, announced May 31 that his family would drastically reduce their presence in the conglomerate's operation and restructure the entire firm, placing international investors in management positions and allowing much of the company to be parceled up and sold. These changes mirror the Korean government's plans for all of the Korean business giants, or chaebol. Hyundai's restructuring and the chain reaction of reforms that will follow will bolster Korea's economy as well as South Korean President Kim Dae-jung.
Hyundai is not the first of the chaebol - Korea's family owned corporate giants - to be cut down to size. Last July, Daewoo, then the country's second-largest chaebol, collapsed under the weight of its $78 billion debt - $20 billion more than the International Monetary Fund's (IMF) entire 1998 bailout package for South Korea. Since many of the chaebol face similar situations, the collapse of the industrial giant unnerved South Korea, which slowed the pace of economic reform considerably.
Over the past several weeks, however, the South Korean government quietly pushed Hyundai to put its financial affairs in order, knowing that if it waited too long, then Hyundai - an $80 billion firm - would eventually collapse as well. Yet Hyundai proved stubborn in the face of government demands that it dump nonproductive firms, adopt transparent accounting practices and streamline management structures.
For the government of President Kim, the break-up of Hyundai is nothing short of a political gold mine. While recognizing that decades of chaebol-government collusion created the wealth they now enjoy, Koreans remain bitterly resentful at the level of corruption within the family-run conglomerates.
But now Hyundai, the chaebol most favored by the Kim administration, is being systematically dismantled. Kim will undoubtedly reap the political windfall - and promptly turn it to his advantage.
#22
Lexus Test Driver
I guess your definition of "new automotive technology" differs from that of other people.
If an 8-speed auto transmission is not "new technology" in your opinion, then many of the world firsts and technologies that Mercedes introduced over several decades aren't "new" either.
Comparing apples to apples, when you look at what the industry considers as "new technology" and what other automakers have been credited for, yes Toyota has indeed been introducing new technologies over the past 20 years.
If an 8-speed auto transmission is not "new technology" in your opinion, then many of the world firsts and technologies that Mercedes introduced over several decades aren't "new" either.
Comparing apples to apples, when you look at what the industry considers as "new technology" and what other automakers have been credited for, yes Toyota has indeed been introducing new technologies over the past 20 years.
#24
Lexus Test Driver
Technically speaking, I think all Japanese car corp. are backed by the Government too. In the Japanese constitution, I think? U.S. govt. backed GM,Chrysler, & Ford. Kinda along the same lines.
#25
Lexus Champion
No disrespect to anyone in particular but I have to laugh at some of the comments in this thread...
ITS AN ELANTRA!! LMAO ... A 13k car that will probably rival the Civic and Corolla in sales. If it looks hott for 13-16k, who cares what design elements Hyundai stole...
ITS AN ELANTRA!! LMAO ... A 13k car that will probably rival the Civic and Corolla in sales. If it looks hott for 13-16k, who cares what design elements Hyundai stole...
#26
Lexus Champion
Very good point. Whether the new Elantra will rival sales of Corolla and Civic remains to be seen. Will it sell well? No doubt at all.
YTD sales = Corolla 194,297, Civic 191,790, Elantra 75,193.
YTD sales = Corolla 194,297, Civic 191,790, Elantra 75,193.
#29
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http://www.autonews.com/article/2009...903069992/1117
Compared with their cash-starved American competitors, Japanese automakers have relatively healthy balance sheets. But with credit tightening worldwide, they are more aggressively seeking funds. It is especially difficult for Japanese automaker to get loans overseas.
The Japanese government backs several loan programs to help them.
#30
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This is beyond false. South Korea has some of the highest costs in the world, one of the highest standards of living, and stricter standards w/r/t emissions and labor than the US. South Korea =/= China.