Word: hyundais
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...more companies are coming around to Lheem's thinking. Near Hyundai's plant, Nokia opened the first phase of a $150 million mobile-phone factory in March. In the state of Orissa on India's east coast, South Korean steel giant Posco plans to construct a $12 billion mill. SemIndia, a company formed by chip-industry executives, will break ground in June on a $3 billion semiconductor factory in the southern state of Andhra Pradesh. Others are coming around, too. Dell Computer recently announced its intention to build a factory in India, joining those it already has in China...
...Hyundai Motor's car factory in India, set amid palm-studded marshes on the outskirts of Madras, is a gleaming example of what could be the future of India's economy. Built for $1 billion, its high-tech robots and monstrous steel-pressing machines will churn out 300,000 Accent sedans and other vehicles this year, at world-class quality levels. Hyundai has been shifting production of its smallest cars to India to take advantage of low costs, thereby keeping the business profitable. One-third of its cars produced in India are exported to Germany, Peru, South Africa and elsewhere...
...Until recently, Hyundai has been an exception in India. The general consensus among multinational manufacturers had been that India with its miserable highways and airports, hostile bureaucracy and militant labor unions was no place for a factory. While companies happily tapped India for its well-trained and low-cost IT-engineering talent, they've placed their bets on China as a manufacturing center. Although exports of manufactured goods from India grew 20% to approximately $70 billion in its last fiscal year, that's just one-tenth of the $700 billion China exported in 2005. Manufacturing accounts for only about...
INDICTED. Chung Mong Koo, 68, Chairman of Hyundai Motor Company, one of South Korea's most powerful conglomerates; on charges of embezzlement and misappropriation of corporate funds; in Seoul. Prosecutors allege that Chung set up a slush fund of more than $100 million to buy political influence and illegally transferred money from strong Hyundai affiliates to support at least one weaker one. Authorities are also investigating whether Chung abused company funds to boost the holdings and management control of his son, Chung Eui Sun. The senior Chung last month denied any wrongdoing; Hyundai Motor has declined to comment...
...Korea's most prominent tycoons sent tremors through the boardrooms of the country's chaebol, the powerful, family-run conglomerates that have periodically been targeted by government prosecutors over allegations of self-dealing and influence peddling. Chung has admitted no wrongdoing, but his arrest looks likely to knock Hyundai's international expansion plans off course. The investigation into Hyundai has already delayed the construction of an auto plant in the Czech Republic, and Kia postponed the groundbreaking for a factory...