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New-car buyers ranked Hyundai Motor, the nation¡¯s largest automaker, higher in initial quality than Japanese car giant Toyota, according to a survey released Wednesday by J. D. Power & Associates. In a survey conducted among car owners who purchased a new vehicle out of 38 brands during the period from last November through December, Hyundai Motor obtained a score of 102, ranking better than Japan's Toyota Motor (104) and German carmakers Mercedes Benz (106), Audi (109) and BMW (109).
J.D. Power surveyed car owners three months after they purchased their new vehicle, asking whether they had experienced any of the 135 problems listed, such as problems in design and comfort. The results are reported in the form of 'problems reported per 100 cars," and the lower the figure, the higher the reputation for vehicle quality.
Of the models, Toyota Motor¡¯s Lexus was rated No. 1, followed by Cadillac, Jaguar and Honda, with Buick and Mercury in a tie. Kia, an affiliate of Hyundai, placed in 31st.
In the meantime, Hyundai posted Thursday slow profit growth in the first quarter due to a slump in consumer spending at home. Buoyant exports to Europe, however, helped lift revenues.
Net profits rose 10 percent to W463 billion in the first quarter, up from W418 billion a year earlier, meanwhile revenues rose 2 percent to W6.21 trillion versus W6.09 trillion from the period a year ago. Operating profits, however, fell 27 percent year-on-year to W461 billion in the first quarter as continued weak consumer spending dampened domestic sales.
Exports rose 5.2 percent to 235,000 units, while domestic sales fell 30 percent to 129,000.
Hyundai Motor President Park Hwang Ho said in a press conference Thursday although the consumer chills at home continues, domestic sales show signs of recovery since April as a cut in the luxury tax on cars and release of the sport-utility Tucson spurred sales. Sales in the U.S. market, its biggest export destination, also slumped a little bit due to fierce competition. With the planned export of the Tucson in the second half, however, and a variety of new models expected to be released every six months, revenues will spur from then on, added Park.
Park also said¡°Even without a strategic alliance with an oversees maker, Hyundai Motor is expected to become one of the world's top five automakers in 2010,¡± implying a possible severance of ties with carmaker Daimler Chrysler. Daimler, on its part, is expected to hold a board of supervisors meeting Thursday (local time) in New York to decide whether to continue its alliance with Hyundai and whether to sell its 10 percent stake in the Korean carmaker.
(englishnews@chosun.com )
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