Hyundai and Kia in 60 Seconds

Both Hyundai and Kia are part of a conglomerate that owns everything from steel mills, to shipyard and construction firms. The company started manufacturing automobiles in 1967 during a period when Korea was undergoing rapid industrialization following the Korean War. It’s first vehicles, the Pony and Excel, were inexpensive and had quality issues. In 1997, Kia declared bankruptcy. Hyundai purchased a controlling stake. At this point, Hyundai owns 34% of Kia. Hyundai entered the US car market in 1986, followed by Kia in 1993. Both were budget brands at that time. Hyundai was controlled from Korea and run in a conservative and military like fashion. Both companies were slow to embrace EVs. Recently, the theft of Hyundai and Kia cars have given the brands a black eye. However, given the militaristic organization of the companies, when a decision is made from the top ranks, the rest of the company quickly falls into line.
Genesis is the Hyundai luxury brand and was a hit at the New York auto show in April.
A $5.5 billion factory for both Hyundai and Kia is being built in Georgia and will open at the end of 2023.
Hyundai and Kia have a selection of both electric and hybrid models on dealership lots currently. They benefited from stockpiling semiconductors.
Works Cited:
https://www.wsj.com/articles/hyundai-kia-ev-tesla-7936b777?mod=hp_lead_pos7
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