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Time lauds Hyundai
27 April 2005
Immediate Release
Time lauds Hyundai
Time Magazine in its latest issue lavishes
praise on Hyundai Motor chairman Chung Mong-koo, who it says
turned the automaker into a global success story by pulling
off one of the most surprising turnarounds in automotive
history.
The prestigious US magazine picked the Hyundai company's rapid growth as the cover story of the "Global Business" section of its April 25 Asian edition.
In a four-page special feature, Time says Chung turned Hyundai Motor into a global carmaker through stringent quality control. The magazine recounts how the company suffered from quality control problems when it first entered the US market … but the quality of its vehicles rapidly improved, with a recent US survey placing Hyundai in a tie for second place with Honda on quality.
Time also notes that the company has experienced rapidly increasing sales in the US and Europe due to aggressive foreign sales strategies, while in the fiercely competitive Chinese market it climbed to number one in just two years.
Time notes Hyundai has been the world's fastest growing carmaker since 1999.
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