The Korean market is poised to be among the biggest in the world this year and this year, it is expected to deliver a healthy profit for Hyundai and its parent company, Hyundai Motor Co.
Korean carmaker Hyundai Motor Corp. (005930.KS) has had a tough year.
The global economy has suffered as the global financial crisis and a weak global economy have slowed the economy.
This year Hyundai is expected not to be able to maintain its profit for the year and it could even have to slash its output.
Hyundai’s shares have lost more than 25 percent this year.
The company is in talks with banks and regulators to increase the amount of capital that it is using to make loans.
This will be the biggest loan that the company has ever made, said Lee Young-min, an analyst at Kwonheon Securities Co.
Hoon Il-ho, a member of Hyundai’s board, said on Sunday that Hyundai’s new chief executive, Kwonho Yoon-seok, will take over the company on June 7.
The board has appointed Yoon as chief executive officer.
“Kwonho is known for the strong leadership, strategic vision and strategic thinking,” said Lee.
“He has the capability to build a new company in Korea that can do things that no other company has achieved.
The future of Hyundai Motor is bright.”