Word: hyundais
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Ford, Chrysler, Nissan, Honda and Hyundai, which with GM and Toyota account for more than 90% of the new cars sold in the U.S., each reported sales declines of more than 25%. Mercedes-Benz saw its sales drop 35%, while BMW fell 14%. Only Audi posted an increase in sales last month...
...others used the crisis as a spur to tough action. Samsung Electronics boss Lee Kun Hee, his back to the wall, browbeat top executives into rethinking the company. A decade later, Samsung is a global powerhouse with design and technology sophistication that was impossible to imagine at the time. Hyundai Motors, too, endured the crucible and emerged stronger...
Perhaps that's why sales of economy cars like the Hyundai Accent or Kia Rio, which people need whether the economy is flush or bust, remain steady. Sales dropped slightly last month at Halleen Kia in North Olmsted, a Cleveland suburb. But so far in October they're back to normal, even as credit tightens, says general manager Eric Halleen. "People who might have qualified for an 84-month loan this summer are getting cut back to 62 months," Halleen says, "but we're still able to get deals done...
...vantage point from which to welcome the day; it lies about 21 miles (34 km) north of the Demilitarized Zone (DMZ), which has divided the two Koreas for more than 50 years. Park was one of the roughly 200,000 South Koreans who annually visit the tourist area, which Hyundai opened in 1998 - one of the first tangible symbols of what came to be known as the South's "Sunshine" diplomacy with its archenemy Pyongyang...
...strong views about South Korea's need to reform its economy - as a consensus-seeker. After all, when he served as mayor of Seoul earlier this decade, he ordered that one of the city's major highways be demolished so a stream could be restored. As CEO of Hyundai Engineering & Construction, the country's largest construction company, Lee wielded a lot of power - as was customary. Korea a couple of decades ago was ruled by a handful of men: the government by a dictator and his aides, and the economy by equally dictatorial tycoons through sprawling corporate empires. This...