Word: toyotas
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...this year. In fact, with a compounded annual revenue growth of 20% over the past five years, Hyundai has been the world's fastest-growing major automaker since 1999, according to Lehman Bros. Hyundai is "putting pressure on everybody," says Rob Hinchliffe, an auto analyst at UBS. Indeed, even Toyota vice chairman Fujio Cho has acknowledged the blur that is getting bigger in his rearview mirror. "Hyundai has quality and prices that have caught customers' attention, not to mention ours," he said at an auto conference in August...
...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...
...like Toyota, which overcame consumer prejudice in part by inventing kaizen, a manufacturing process and corporate mantra translated as "continuous improvement," Hyundai has rapidly built up regard for its products through an almost fanatical attention to Getting It Right. Consumer Reports magazine recently named the Sonata the most reliable car in the U.S. And Hyundai rose to second place in J.D. Power and Associates' 2004 survey of initial car quality, tied with Honda and trailing only Toyota. Six years ago, Hyundai ranked among the worst in terms of initial defects. The comeback "is astounding," says Chance Parker, executive director...
...models coming out and its U.S. plant just revving up, Hyundai may have a harder time maintaining quality. "They're not out of the woods yet," says J.D. Power's Parker. Dwindling profit margins are another problem. The average Hyundai car retails for 10-15% less than a comparable Toyota or Honda in the U.S., but with rising labor costs and a weaker dollar, Hyundai must persuade customers to pay more so that profits keep growing. Last year, Hyundai's earnings edged up a mere 2%, while sales grew 10%. Zayong Koo, an auto analyst at Lehman Bros. in Seoul...
Suddenly a red Toyota drew up near the tent and out stepped the familiar figure of Bishop Desmond Tutu. In purple cassock and silver pectoral cross, he strode into the tent and took his place. The silver-handled coffin of Elizabeth Khumalo was brought in, and the family, wrapped in blankets, sat on the ground in front of the bishop. The tent was jam-packed, and the crowd spilled out onto the street...