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MarketScreener Homepage  >  Equities  >  Korea Stock Exchange  >  Hyundai HCN Co.,Ltd.    A126560   KR7126560002

HYUNDAI HCN CO.,LTD.

(A126560)
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Hyundai Motor Company : Extends Warranties for More than 1 Million Vehicles Worldwide; Hyundai extends original warranties that expire between March and June of this year; Extended warranty covers more than 1.21 million vehicles worldwide; Hyundai Motor America to contact eligible customers individually; Hyundai dealers in the U.S. introduce contactless service authorization using electronic signatures, email, social media and text messages

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04/06/2020 | 11:18am EDT

FOUNTAIN VALLEY, Calif- Hyundai Motor Company today launched a warranty extension policy for its vehicles worldwide, which includes America's Best Warranty for customers in the United States. The program aims to support Hyundai customers who may face difficulties in getting vehicles serviced and repaired during the COVID-19 pandemic.

U.S. Warranty Extension

For Hyundai owners in the U.S. with a 5-year/60,000-mile new vehicle limited warranty or a 10-year/100,000-mile powertrain warranty that is expiring between March and June 2020, they will have the warranty coverage extended to June 30, 2020. All eligible customers will be contacted in the coming days, with more details about the warranty extension program.

'This is another great example of how we have our customer's back and continue to reinforce America's Best Warranty,' said Barry Ratzlaff, chief customer officer, Hyundai Motor America. 'While most Hyundai dealers are open to provide service, we want our customers to feel comfortable visiting their dealerships for warranty work and any vehicle service.'

Vehicle maintenance has been deemed an essential business in most places across the country, so while many Hyundai dealership showrooms have closed due to reasons brought on by the coronavirus, most service departments have remained open. This leaves customers confused about service availability and whether they should leave their homes for vehicle service. To give customers peace of mind, Hyundai is taking action to help alleviate any anxiety or confusion that may exist by helping customers who still need to get to their jobs a way to have their vehicles maintained or repaired if necessary. These dealerships are well-equipped to manage repairs and provide maintenance while practicing social distancing, including picking up and dropping off vehicles for service and cleaning vehicles before they are returned.

Hyundai understands that many customers would prefer to not sign repair orders while dropping off or picking up their vehicles. Hyundai's current policy allows for electronic signature authorization and digital communication (text messages, email, and social media posts) between the dealer and customer as a form of repair approval.

To ensure customers are safe, Hyundai dealers are also currently practicing social distancing in their showrooms, offering online purchase and home delivery of purchased vehicles at select dealerships, allowing solo test drives, cleaning common areas and eliminating certain in-person activities to make a purchase.

Hyundai's Global Warranty Extension

Hyundai vehicles with original warranties that expire between March and June 2020 will benefit from a warranty extension for up to three months. More than 1.2 million Hyundai vehicles in 175 countries will be eligible for the warranty extension. The warranty extension can vary between countries.

Hyundai's decision comes amid a global reaction to the outbreak of COVID-19, which has caused many countries to take various precautionary measures that include closing non-essential facilities. With the warranty extensions, the company expects to help address any concerns customers may have about being unable to visit a service center to get vehicle maintenance or warranty repairs while adhering to stay-at-home and physical distancing guidelines set by local/federal governments.

The well-being of Hyundai customers and employees is a high priority. The company is closely monitoring COVID-19 developments and complying with measures in local markets to mitigate the spread of coronavirus.

'We appreciate that many of our customers may have limited or no access to vehicle servicing during these extraordinary times,' said Wonhong Cho, executive vice president and head of Customer Experience Division at Hyundai Motor Company. 'With these warranty extensions, we wish to set their minds at ease regarding eligibility for warranty repairs and related services in the coming months. Not only do we care about our customers' health and safety, we care about the 'health' and safety of their vehicles as well.'

HYUNDAI MOTOR AMERICA

At Hyundai Motor America, we believe everyone deserves better. From the way we design and build our cars to the way we treat the people who drive them, making things better is at the heart of everything we do. Hyundai's technology-rich product lineup of cars, SUVs and alternative-powered electric and fuel cell vehicles is backed by Hyundai Assurance-our promise to create a better experience for customers. Hyundai vehicles are sold and serviced through more than 830 dealerships nationwide and nearly half of those sold in the U.S. are built at Hyundai Motor Manufacturing Alabama. Hyundai Motor America is headquartered in Fountain Valley, California, and is a subsidiary of Hyundai Motor Company of Korea.

Please visit our media website at www.HyundaiNews.com

(C) 2020 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
HYUNDAI HCN CO.,LTD. -3.47% 4585 End-of-day quote.34.46%
HYUNDAI MOTOR COMPANY -0.92% 97200 End-of-day quote.-19.34%
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Financials (KRW)
Sales 2020 293 B
EBIT 2020 41,9 B
Net income 2020 37,2 B
Finance 2020 271 B
Yield 2020 1,42%
P/E ratio 2020 14,0x
P/E ratio 2021 13,8x
EV / Sales2020 1 720x
EV / Sales2021 1 732x
Capitalization 505 B
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Mean consensus BUY
Number of Analysts 2
Average target price 4 500,00 KRW
Last Close Price 4 585,00 KRW
Spread / Highest target 9,05%
Spread / Average Target -1,85%
Spread / Lowest Target -12,8%
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Managers
NameTitle
Seong-Il Kim Chief Executive Officer & Director
Ho-Jin Chang Director
Yong-Pyo Gong Independent Director
Dong-Su Kim Independent Director
Seung-Kwon Park Independent Director
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