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Ex-Hyundai CEO Krafcik joins TrueCar board amidst IPO plans

Former Hyundai Motor America CEO John Krafcik has had a tumultuous year. Last June, he won the Automotive Executive of the Year from DNV Business Assurance. Then in December, he suddenly announced he was stepping down from his leadership role at the Korean automaker on January 1, with some suggesting it was because the company's sales growth was too far below forecasts. Now, it looks like the exec has landed a new role on the board of directors of online car shopping website TrueCar.
According to The Wall Street Journal, Krafcik's role will be to build relationships with automakers and dealers, but the job at TrueCar won't be full time. Since leaving Hyundai, Krafcik has also been doing consulting work in Silicon Valley. "It's helped me understand what I might want to do, full, full time. I am just taking things at the appropriate pace," he said to the Journal.
Krafcik, who is widely considered one of the industry's top executives, took the helm at Hyundai America in 2008 and led it to an increase in sales and market share. He was with the company when it won North American Car of the Year awards in 2009 and 2012 for the Genesis and Elantra, respectively.

2011 Hyundai Sonata being recalled for power steering failure

The Basics: Hyundai will recall 173,000 units of the 2011 Sonata with production dates between December 11, 2009 and October 31, 2010. The Problem: Damage to the electric power steering circuit board can cause a loss of power steering assist. Accidents/Injuries: None reported. The Fix: Dealers will replace the EPS control unit. If you own one: Hyundai will start the recall May 30. Contact Hyundai customer service for more details. If the power steering does fail, the vehicle will still be steerable but it will require additional effort. RECALL Subject : Loss of Electric Power Steering Assist Report Receipt Date: APR 05, 2016 NHTSA Campaign Number: 16V190000 Component(s): STEERING Potential Number of Units Affected: 173,000 All Products Associated with this Recall Vehicle Make Model Model Year(s) HYUNDAI SONATA 2011 Details Manufacturer: Hyundai Motor America SUMMARY: Hyundai Motor Company (Hyundai) is recalling certain model year 2011 Sonata vehicles manufactured December 11, 2009, to October 31, 2010. In the affected vehicles, the Electronic Power Steering (EPS) circuit board may be damaged and result in a loss of power steering assist. CONSEQUENCE: With a loss of power steering assist, extra steering effort will be required, especially at lower speeds, increasing the risk of a crash. REMEDY: Hyundai will notify owners, and dealers will replace the EPS control unit, free of charge. The recall is expected to begin May 30, 2016. Owners may contact Hyundai customer service at 1-855-371-9640. Hyundai's number for this recall is 143. NOTES: Owners may also contact the National Highway Traffic Safety Administration Vehicle Safety Hotline at 1-888-327-4236 (TTY 1-800-424-9153), or go to www.safercar.gov.

Hyundai Palisade and Genesis GV80 production idled

In February of this year, the coronavirus pandemic forced Hyundai Motor Company to idle production at most of its factories in South Korea. The Chinese suppliers that provided wiring harnesses for models like the Hyundai Palisade and Genesis GV80 hadn't recovered from their COVID-19 shutdowns, causing a shortage of components. Since then, Hyundai, along with automakers around the globe, has faced repeated hurdles to restoring desired production numbers. Just-Auto reports another hiccup, with Hyundai compelled to shut down lines that build the Palisade and GV80 at its Ulsan, South Korea complex again last week over a lack of parts. Just-Auto didn't specify the parts in question. On top of that, Hyundai had already idled three lines at two plants after an employee at a supplier died, the cause of death thought to be COVID-19. Kia needed to do the same for two entire facilities in South Korea after two plant workers were diagnosed with the illness. In the U.S., Hyundai Motor Manufacturing Alabama was idled from March 18 to May 4, resuming production at lower output on May 4 to manage inventory after the coronavirus and lockdown measures gutted new car sales.   Hyundai, like giant Ford and tiny McLaren, will be ruing the lost momentum of its recovery. The group turned in its best quarterly profit since 2017 at the end of last year, thanks to the larger margins that crossovers and SUVs deliver. Hyundai brand U.S. sales last year of 688,771 units was tantalizing close to an annual sum the brand hasn't hit since 2012. In January, the automaker predicted it would improve on last year's 3.5% group operating profit margin by hitting 5% this year. The nearly 10,000 reservations taken for the GV80 fueled the optimism, when Genesis sold just over 21,000 vehicles in total last year in the U.S. However, through the first quarter, group sales were down 11% globally and in the U.S. Worse, Just-Auto says the group's global sales have nosedived 26% through the first five months. The production halts on the models that deliver the best return will prolong the pain and make it sharper. Related Video: