bigpoppanils Posted August 13 Report Share Posted August 13 Hyundai Profit Soars, Outpaces Big 3 Rivals USA TODAY - August 12, 2003 Motor Trend South Korean carmaker Hyundai posted second-quarter earnings of $483 million Monday, an 86% jump from a year ago, mostly on the strength of cars and trucks sold in the USA. Hyundai is the latest Asian carmaker operating in the USA to report earnings that dwarf those of Detroit automakers. Toyota's most recent quarter showed $1.9 billion in earnings, while Honda reported $850 million. General Motors earned $901 million but less than $150 million from auto sales. Ford Motor earned $3 million from auto operations. Chrysler Group lost $1.2 billion.Hyundai, which started out selling cheap, entry-level cars in the USA, now is selling bigger, pricier vehicles and appears to have made big quality improvements.Sales of its Santa Fe sport-utility vehicle and Sonata sedan are leading the profit charge. Santa Fe sales are up 38.4% from a year ago, and it is outselling competitors like Saturn Vue, Nissan Xterra and Toyota RAV4. Sales of Sonata, in the rebate-laden and ultra-competitive compact sedan market, are up 15.4% through July. By contrast, Hyundai's budget offerings, Elantra and Accent, are both down this year.Both Santa Fe and Sonata made Consumer Reports' "recommended" list in their categories this year.The automaker has gotten serious about improving its quality, says David Power, chairman of J.D. Power and Associates. In the annual Power study of things gone wrong in the first 90 days of ownership, Hyundai eliminated 42% of its problems between 1998 and 2001, the fastest improvement in the survey's history.Because of its earlier quality problems, Hyundai offers a 10-year/100,000-mile warranty in the USA. But its reserves for warranty repair costs declined this quarter to 0.2% of sales, down from 0.7% a year ago.Says Hyundai U.S. chief Finbar O'Neill, "The warranty has helped strengthen the brand, and it helps reduce our dependence on using cash sales incentives."© Copyright 2003 USA TODAY Quote Link to comment Share on other sites More sharing options...
lomenus Posted August 15 Report Share Posted August 15 y did the presidentor CEO whatever he wasKILL himself??was it $$$ scandal??got caught with his hand in the till???was he having sex with the baby-sitters brother???was he a coke head?PEACE MIAMI!!! Quote Link to comment Share on other sites More sharing options...
bigpoppanils Posted August 15 Author Report Share Posted August 15 Originally posted by lomenus y did the presidentor CEO whatever he wasKILL himself??was it $$$ scandal?? he was found to have given tens of millions in bribes to north korean officials Quote Link to comment Share on other sites More sharing options...
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