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In 1998, after a shake-up in the South Korean auto industry caused by overambitious expansion and the Asian financial crisis, Hyundai acquired the majority of rival Kia Motors. In 2000, the company established a strategic alliance with Daimler Chrysler and severed its partnership with the Hyundai Group.
In 1991, the company succeeded in developing its first proprietary gasoline engine, the four-cylinder Alpha, and also its own transmission, thus paving the way for technological independence.
In 1996, Hyundai Motor India Limited was established with a production plant in Irungattukottai near Chennai, India.
With an increasingly poor reputation for quality, Hyundai sales plummeted, and many dealerships either earned their profits on repairs or abandoned the product.
At one point, Hyundai became the butt of many jokes (i.e.
Bürkle had previously worked for BMW, having designed the BMW 3 Series (E46), and the BMW 6 Series (E63).
Hyundai vehicles are sold in 193 countries through some 5,000 dealerships.
They were Kenneth Barnett body design, engineers John Simpson and Edward Chapman, John Crosthwaite ex-BRM as chassis engineer and Peter Slater as chief development engineer.Hyundai stands for "Hope you understand nothing's driveable and inexpensive") and even made David Letterman's Top Ten Hilarious Mischief Night Pranks To Play In Space: No.8 – Paste a "Hyundai" logo on the main control panel.In response, Hyundai began investing heavily in the quality, design, manufacturing, and long-term research of its vehicles.That year, Hyundai set a record of selling the most automobiles in its first year of business in the United States compared to any other car brand; total sales in 1986 were 168,882.Initially well received, the Excel's faults soon became apparent; cost-cutting measures caused reliability to suffer.In the interim replacement period, Chung Mong-koo and Kim Eok-jo will divide the duties of the CEO position.