Word: koreans
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...should be easy enough for Cho to recognize the secret of Hyundai's success. The South Korean company is following much the same formula that Toyota used decades ago to overcome its "cheap Asian import" stigma and become one of the world's most respected brands. When Hyundai first entered the U.S. market in 1986, its Excel sedan?an econobox with a $4,995 price tag?was an instant hit with frugal buyers. But customers soon discovered they were getting what they paid for: Excels were prone to quality-control problems and frequently needed parts replaced. Sales tanked, and Hyundai...
...architect of Hyundai's rise is Chung, who was named chairman in 1998. Although his father, Chung Ju Yung, founded Hyundai Motor in 1967, it was clear the son would not get a free ride. Shortly before his appointment, the Korean economy had been slammed by the 1997 Asian financial crisis and Hyundai was forced to lay off 25% of its staff. Complicating matters, Hyundai agreed in 1998 to acquire South Korean rival Kia Motors, which had to be assimilated. Chung had little experience with the automotive industry?he had spent most of his career managing a smorgasbord of affiliates...
...Minister of International Trade and Industry, lacocca went to South Korea, where he announced a joint venture with Samsung, a conglomerate that makes everything from ships to electronics. The Samsung-Chrysler operation will produce auto parts and components in Korea for export to the U.S. Both the Japanese and Korean deals underscored Chrysler's policy of not building subcompact cars in the U.S. entirely on its own. The company will now be relegating at least part of the job to foreign companies to keep costs down. ELECTRONICS Sony Complicates the Picture...
...kingdom's defense capability. Subsidies on food, electric power and gasoline are down 20%. The Riyadh government is also slashing money for new industrial projects. Two refineries worth $1.5 billion were canceled after 15% of the construction had been completed. Particularly hurt by the cutbacks are American and South Korean contractors who have been building the huge Saudi modernization projects...
...supports Roh, faces a critical by-election at the end of this month?and with Korea's economy sputtering, fanning regional hatreds might help to bring out the nationalist vote. Roh may have had this strategy in mind last month when he suggested that Japan pay further reparations to Koreans mistreated during the Japanese occupation of the Korean peninsula from 1910 to 1945, and that Tokyo must make a "genuine" apology. Diplomatic ties between the two countries were normalized by a treaty 40 years ago, yet Roh touched a still-raw nerve. One man threw himself off a bridge...