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My guess is that Hyundai will start soon on their second US factory. They could pay for the whole thing out of the profits of this quarter alone...
Bloomberg
Hyundai Motor Profit Increases 21%, Helped by Sonata Sales
October 27, 2011, 4:05 AM EDT
By Rose Kim
(Updates with investor’s comment in fourth paragraph.)
Oct. 27 (Bloomberg) -- Hyundai Motor Co., South Korea’s largest maker of automobiles, reported third-quarter profit rose 21 percent, helped by sales of Sonata sedans and Tucson sport- utility vehicles.
Net income climbed to 1.92 trillion won ($1.7 billion) in the three months ended Sept. 30, compared with 1.59 trillion won a year earlier, the Seoul-based company said in a statement today. The company was projected to report profit of 1.89 trillion won, based on the average estimate of seven analysts surveyed by Bloomberg.
Chief Financial Officer Lee Won Hee said Hyundai Motor will probably sell more than 4 million vehicles this year as they crank up production from factories in markets such as China. The gains will probably lead Hyundai Motor to post record earnings this year and exceed profits generated by Japan’s Toyota Motor Corp., according to analyst estimates.
“The earnings reaffirmed Hyundai’s outstanding competitiveness in overseas markets,” said Lee Jin Woo, senior fund manager at Seoul-based KTB Asset Management Co., which oversees $4.6 billion assets including Hyundai shares. “Industry demand may slow next year amid the global economic downturn but I still expect Hyundai to fare better than global rivals.”
China Demand
Hyundai Motor, whose shares have outperformed those of Toyota and Nissan Motor Co. this year, closed unchanged at 223,500 won today. The Kospi Index rose 1.5 percent.
For the first nine months of the year, Hyundai sold 3 million vehicles and the company is likely to deliver more than 4 million units this year, Lee said. Hyundai had initially target sales of 3.9 million this year.
In China, demand for mid-sized sedans surged, resulting in monthly Sonata sedan sales climbing above 10,000 for the first time in September. The company also boosted production in Russia, where Hyundai began manufacturing cars last year, after it started to build affiliate Kia Motors Corp.’s redesigned Rio, according to company data.
Nine-month sales in China, the world’s biggest car market, rose 12 percent to 553,000 vehicles, the company said. The company delivered about 510,000 vehicles in Korea, up 7.3 percent, it said.
U.S. sales rose by 20 percent for the first 9 months of 2011, while in Europe, Hyundai’s sales increased 9.4 percent during the first three quarters, it said.
Hyundai is notorious for not honoring the powertrain warranty if they see any sign that the oil was not changed in accordance with the service intervals in the manual.
My 2011 Sonata's oil level hardly changes over the course of 4,000 miles between changes. I make sure to check it every 2-3 weeks (something I have done in every car I have ever owned.) My car has 21,500 miles on it at this point and will be going in for its 6th oil change soon.
Losing all 4.86qts of oil from the engine makes no sense. How long has it been since your last oil change? Did you notice any leaks under the car, or blue smoke coming out of the exhaust? Did you smell the oil burning? Was the engine running hot?
The car is designed to go 7,500 miles between oil changes under "normal" driving conditions. If you greatly exceeded the 7,500 mile window and this happened, I could see Hyundai's feathers being ruffled. However if it was less than 7,500 miles then I would demand for a Hyundai engineer to come out and evaluate the engine before denying warranty coverage. Have you called Hyundai and opened a case with them?
Something does not make sense here at all.
Hopefully Hyundai will not get a reputation for wiggling out of their great warranty because the market will punish them. However, certain owners and bashers on these sites seem determined to undermine the brand for other reasons. We saw that big time on the Buick forum.
Our 2012 Sonata will go in for oil change at 3000 first time and 3-5000 after that depending on service. tires need rotation every 5000 so that may be the plan. We feel that a car is a BIG expenditure that needs owner involvement and commitment in maintaining the operation and the warranty coverage.
There was other damage too. But (and this may be helpful to the OP)... the damage was covered (after deductible) by my auto insurance, as it was an "accident". So if this damaged cross-member and control arm was really damaged on the road, auto insurance may cover it. I think my insurance company treated it as a "non-chargeable" accident, but it was so long ago I don't recall.
Several times now in the last few months the push button start seems faulty. In the past I used the "override" by putting the smart key in the console and it starts. But this morning it didn't work. I've read that some people are stating they take the car in and it's diagnosed with a faulty break switch, others say they replaced the battery in the smart key. I'm just wondering how common this issue is?
Further investigation revealed that all of the mounts on the light were either smashed or severed. There was no external damage apparent at all. All damage was to the inside portion of the light housing. There is a clear, sticky glue type stuff smeared all over the plastic that the metal mounting screws are (were) seated in. The whole tail light assembly is encased at the back with a foamy type material that has adhesive to adhere it to the actual plastic portion of the back of the light which makes the whole assembly self contained as long as the adhesive on the foamy stuff holds.
I took the car to my local Hyundai dealer and the service tech said the damage was probably done by the people that fixed hail damage to my car (both tail lights had been removed at that time).
The owner of the shop that did my hail damage repair said that A) if they had accidentally damaged it he would have just submitted it to insurance and gotten a new tail light.
Now I am the situation of having to eat the cost of fixing the tail lights. Yes, we did later find that two or three of the mounts on the passenger side tail light were also smashed just like the driver side light.
This is what I am sure of:
A. I did not do it.
B. I don't want someone to have to pay for something that they did not cause.
C. The CarFax for my car does not show any foul play.
Unless someone out there has any knowledge to offer I am in the situation of Hyundai and the hail damage repair folks playing one against the other. I could try contacting some "higher-ups" at Hyundai, but, wanted more facts before I do that. Thanx in advance for your help.
I'll suggest that your car might have been damaged as part of the shipping/delivery process from the factory to the dealer. The receiving dealer or possibly the delivery carrier had it repaired but the shop they used did a sub-standard job.
The foaming adhesive sounds a little like Gorilla Glue.
I've seen it before where fronts & rears of new cars had, for instance, their hoods pinched because of the way the vehicles were loaded on car carriers. In one case I was looking at fresh off-the-truck cars in the rear of a dealership lot. The salesman said they'd just replace the hood before putting the car on sale. So it happens. Uneven load heights, overly close packing, and jostling while in transit could easily cause something to impact the car & break the light housings. Perhaps your car simply wasn't sufficiently ratcheted down once loaded on the truck.
But, I'm not a dealer nor do I work in either the auto or insurance biz. Just another consumer. Best of luck to you & let us know how it turns out.
It would seem to me there would be a budget to cover things of your nature. Do we have to go to the media every time we are treated in such a way? Is that the only language dealers understand? I bought a 2011 Sonata Turbo last year and so far so good. It has been in for some minor work but over all I love the car. I guess I am a man of extremes. I also just purchased a 2012 Cadillac CTS Coupe. I just did a test drive paper on the CTS. I am working on a paper on my first year with the Sonata. I will send you the link once I am finish to pass along my take on the vehicle. :shades:
Hang in there. Make Hyundai replace the peeling door panel and fix the buzzing noise. The only way to hold them responsible is to make them honor their "industry leading" warranty.
I guess what frustrates me more about all of this is that if I was lack in maintenance or just dogged my cars out, I would not have a leg to stand on. But if they even sneeze, I checks them out and get what needs to be done done.
Even though I know there have been great improvement and a raise of the standards of quality from past years, so has the price. We work way to hard to put up with anything substandard. I guess that is why I like the leasing plan. I can get rid of the thing quickly when I want to and move on to something else (no trying to sell it etc). After my stretch on the lease if I am satisfied with the car (very few times) I will purchase it even though it may cost me more in the long run. This seems to have worked for me. I refuse to have any vehicle on my property that is not running properly and road worthy. If it wont start, I’m calling somebody, even if it is just AAA. :shades:
2 interesting things...the broken tail lights had markings on them similar to the chalk pencil used in junkyards. One actually was marked with an x with a circle around it as if it had been marked to NOT be used. The other thing was the "New" lights did not have that goopy glue on them at all, so, someone somewhere was trying to cover up a boo boo. I took lots of pics of lights and still have the lights themselves... on the bright side I have plenty of spares if I burn out a tail light.
Currently, I am waiting for the Service Manager for the dealership I am working with to schedule an appt with the Hyundai District Manager for my area. They seem to be dragging on the process. They still don't want to replace the fuel pump which is causing the buzzing noise and nor repair the door panel vinyl. In the last few weeks, I have done some research and I found a website which has consumer reports from the NHTSA (Natl Highway Transportation Safety Admin) that lists 465 complaints against the 2011 Hyundai Sonata to date. Some of them have not been resolved. The link is http://www.arfc.org/complaints/2011/hyundai/sonata/
When you point out such information to Hyundai, they tell that their car has no problems. They are in denial.
One year later, I am completely dissappointed in Hyundai. They have not treated me well, and have made owning this car a nightmare. It is my hope they fix these two problems this coming week. I will wait and see what happens this week.
You seem to doubt my problems with my 2011 Hyundai Sonata, but they are indeed real. I wonder why you wonder since problems in cars do exist. My point is Hyundai needs to realize this car has had problems since Fall 2011, and these problems are not normal for a new car. I had my Nissan Sentra before this car. I didn't have any mjr problems until I got 100000 miles. I traded the car in at 175,000 miles. This Sonata started having problems at 4000 miles.
I have filed a complaint with the New Vehicle Motor Board in my state just days ago. It is my hope that this new dealership I am working with will resolve the two most recent problems quickly.
• Had the problem fixed by a highly reputable auto repair services.
• On the invoice I made sure they put down exactly what was wrong and how they came about to that conclusion
• Made additional copies of the invoice
• Wrote a letter stating I am filing a formal complaint with the reasons stated as well.
• Along with copies of the invoice, took pictures of the broken part and incorporated them in the letter as well.
• Purchased a domain and put the letter on the Web
• Insured the letter was CC to the BBB, the Complaints Division of the manufacture, Auto Complaints Office of the state and the State Attorney General
Within 15-20 days I received a call from the dealership to visit themAlong with a letter of apology, I received the following:
o The cost for the repair at the other auto repair service
o The cost of transportation to and from the other auto repair service and their dealership
o An extra $150 bucks for my time involving the whole manner
This was everything I had requested in the letter. I was surprise on the speed. I was not expecting anything for at least a year. I recommend a similar fashion approach. Remember, being the good consumer does not do anything for you but gets you screwed. You have to be the squeaky wheel drawing the attention of others in order to get something done.
My hat is off to you, sir. That is a great story. I copied your post so i can use it if the need arises. My sister recently got ripped off on a pair of orthotics and i am trying to help her get a partial refund. Your web site idea has me thinking; how much did the domain route cost you?
As a consumer, I deserve respect from Hyundai. I paid for the car completely in May 2011 with the confidence that I was getting a quality car with a stellar warranty. A warranty they claim is the best in the industry. One year later, I am completely dissappointed in Hyundai and their product. There are hundred if not thousands of complaints out there on their 2011 and 2012 Hyundai Sonata's. I have documentation on all this. Hyundai can fix this only if they listen to their customers. They need to do this fast before the competition Nissan and Toyota take advantage of all these flaws in the 2011/2012 Hyundai Sonatas and come out with a model much better than the Sonata. I believe Nissan has one model coming out later this month. I sincerely hope Hyundai can correct all the problems with my car promptly. The paper trail I have accumulated over the past 12 months is extremely detailed. They know that. I will see what happens as they fix the vinyl problem and then make a decision on the humming noise/fuel pump.
As a consumer, I deserve respect from Hyundai. I paid for the car completely in May 2011 with the confidence that I was getting a quality car with a stellar warranty. A warranty they claim is the best in the industry. One year later, I am completely dissappointed in Hyundai and their product. There are hundred if not thousands of complaints out there on their 2011 and 2012 Hyundai Sonata's. I have documentation on all this. Hyundai can fix this only if they listen to their customers. They need to do this fast before the competition Nissan and Toyota take advantage of all these flaws in the 2011/2012 Hyundai Sonatas and come out with a model much better than the Sonata. I believe Nissan has one model coming out later this month. I sincerely hope Hyundai can correct all the problems with my car promptly. The paper trail I have accumulated over the past 12 months is extremely detailed. They know that. I will see what happens as they fix the vinyl problem and then make a decision on the humming noise/fuel pump.
In my state the lemon law states it has to be exact same problem over a period of 6 months. This car has had 4 different problems so far... kinda doesn't fit that lemon law according to them...
The New Vehicle Motor Board complaint I filed last week, Hyundai corporate has not responded to yet.
I frequently wish I could get a Hyundai engineer to ride with me for a day or two to experience the build quality issues I live with.
I have heard from people in the car industry that customers who pay cash outright for new cars are treated differently than those who lease/finance cars. When a customer pays cash the only future revenue from that buyer is from paid service and maintenance work. The dealer loses out upfront on revenue from financing (as does the manufacturer when the purchase isn't financed/leased through their financing company.) Cash customers are actually lower revenue customers and get treated accordingly. Cash buyers can trade at any time and/or are less likely to buy another new car for several years. Cash customers also tend to use independent service shops rather than the dealer. People financing/leasing cars are more apt to be return customers several times over in the future, are higher profit customers, and are treated as such. Whether or not that is actually true, I have no idea. As far as I am concerned all customers should get the same level of service, but I have to wonder if some of this isn't happening here.
The manual height adjustment lever would be on the correct side.
Seems early but not too early depending on your driving habits. Not sure if the OEM rotors can be turned to reduce/eliminate the vibration (classic worn rotor problem). Dealer price is very high at $500 but that is to be expected. If you have a private mechanic/shop i think you can get all that done for $300 or so with similar quality parts. Check out rockauto dot com for some competitive prices on rotors/pads (ceramic only). Parts estimate was $150 when i looked at it recently. Best of luck.