The Hyundai Motor Company, Korea's leading independent automaker and the world's eighth largest automaker, signed a three-year IMVP sponsorship agreement on Dec. 1, 2003. Hyundai, based in Yangjae-dong near Seoul, Korea, also sponsored IMVP during the 1990s as part of the Korean Auto Manufacturers Association (KAMA).
"IMVP is pleased to work closely with Hyundai and Kia again, now as a consolidated company demonstrating impressive growth in both developed and developing countries," said Co-Director John Paul MacDuffie. "Hyundai/Kia is taking major steps towards a larger global presence in design, manufacturing, supply chain, and sales/distribution. We anticipate many points of intersection between Hyundai/Kia’s ambitious plans for globalization and IMVP’s knowledge-generating activities."
Hyundai's goal is to join the ranks of the world's top five automakers by 2010. The company, established in 1967, exported its first proprietary passenger car in 1976 and today exports to 190 countries. Chairman Chung Mong-Koo recently outlined four new management policies for 2004 that will help steer the company to its GT-5 goal: the acceleration of global management; maximization of brand value; cultivation of skilled manpower; and establishment of sustainable management.
Chung predicted in a New Year's address to employees that 2004 sales will rise to a record 31.1 trillion won ($26 billion) from 27.82 trillion won a year ago. Domestic sales are projected at 710,000 units while exports should grow to 1,435,000 for a total of 2,145,000. Sales of affiliate Kia Motors Corp. are expected to top 1 million. Hyundai closed 2003 with record-breaking sales of 627,367 units domestically and 1,337,468 units overseas. This 1,964,835 total represents an annual growth rate of 5.3 percent.
Hyundai operates eight research centers in Korea and four international centers, including two operations that opened in 2003: the Hyundai-Kia Motors Design & Technical Center in Irvine, California, and the Hyundai Kia European Design and Technical Center in Russelsheim, Germany. The company recently announced that Hyundai America Technical Center, Inc. (HATCI), its U.S. research and development subsidiary, will relocate and expand its headquarters near Ann Arbor, Michigan. Current research projects at these centers include electric-powered vehicles, low-emission gasoline engines, solar-powered vehicles, hydrogen-powered fuel cell vehicles, and other alternative fuel vehicles.
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Hyundai
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Program Leadership
John Paul MacDuffie
Co-Director
Associate Professor in Management,
the Wharton School, University of Pennsylvania
Michael
Cusumano
Co-Director
Sloan Management Review Distinguished Professor of Management
John
B. Moavenzadeh
Executive
Director
Donna
Carty
Program
Manager
new