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TrueCar Files for IPO as Former Hyundai CEO Krafcik Joins Board

Shopping service looking to raise $125 million.

by on Apr.04, 2014

TrueCar wants cash to grow its operations.

Online automotive shopping site has announced plans to go public – a significant turnaround for a service that some thought might not survive a series of legal challenges that forced the company to make some major changes to its business model over the last two years.

TrueCar revealed it had filed the necessary paperwork – known as a Form S-1 – with the Securities and Exchange Commission  just a day after it announced that former Hyundai Motor America CEO John Krafcik had joined the company’s board of directors.

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Though the firm’s management could not comment about the IPO due to federal guidelines, the planned stock offering is expected to raise as much as $125 million which would be used to further expand the firm’s aggressive growth plans.  TrueCar previously  raised significant funds through private equity offerings, including a $30 million investment by Vulcan Capital, the investment arm of Microsoft co-founder Paul Allen.


Hyundai North America CEO Krafcik Leaving Company

No official reason given for departure, but contract not renewed.

by on Dec.27, 2013

John Krafcik is no longer CEO of Hyundai North America. No explanation was given for his departure.

In a surprise move and without clear explanation, John Krafcik is out as President and CEO of Hyundai North America despite the fact he oversaw the maker’s most successful rise in sales and market share during his five-year run.

Dave Zuchowski, currently Hyundai’s executive vice president of U.S. sales, will take over as President and CEO on Jan. 1, 2014.

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It has been widely reported, several Hyundai competitors targeted Krafcik for senior management positions. While no official explanation was given for his departure, sources tell the recruiting was not the reason his contract was not renewed. (more…)

Hyundai Market Share Likely to Slip

Korean carmaker hitting limits of production capacity.

by on Jul.15, 2013

Hyundai expects to sell around 2,000 of the 2014 Equus luxury sedans in the U.S.

Despite record sales this year, Hyundai expects its market share to shrink in the U.S. because of a continuing – and growing — shortage of vehicle resulting from a lack of production capacity.

“We see more demand for our products than we do production,” Hyundai Motor America Chief Executive Officer John Krafcik said during a visit to the Hyundai-Kia Technical Center to show off the updated version of Hyundai’s luxury car, the Equus. “We can’t get a single incremental unit out of our plants,” he said.

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Nevertheless, Hyundai is still “on track” to increase sales 4.4% this year, to 734,000 vehicles in the U.S., which means from a sales standpoint, “Our year is going well,” Krafcik added.


Hyundai Mulls Adding To U.S. Production Capacity

Maker may tweak Alabama plant to build more vehicles.

by on Jun.24, 2013

Hyundai Motor America CEO John Krafcik.

Despite a harried sales pace for the year featuring a record-setting performance in May, Hyundai is still pondering whether to add more assembly capacity in the United States.

Hyundai Motor America Chief Executive Officer John Krafcik said during a visit to Detroit that automaker isn’t sure it’s the right time to add more production capacity in the U.S.

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The maker’s U.S. plant in Montgomery, Ala. is running three shifts. Hyundai added the additional shift last September, which bulked up production by 20,000 units annually.


Hyundai Readying Electric Vehicle for US Market

Several options available “at some point.”

by on Jun.07, 2013

Hyundai's BlueOn battery car went on sale in the Korean market late last year.

Despite its long reluctance to adopt battery power, Hyundai is apparently getting ready to bring a battery car to the U.S. market its American CEO had revealed.

Exactly what and when remains uncertain, though the maker is already selling a compact battery-electric vehicle, or BEV, called the BlueOn in South Korea. Hyundai Motor America may have no choice but to enter the electric vehicle market, however, if it is to stay on the right side of regulators in the critical California market.

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“Our primary zero-emission vehicle focus is fuel cell right now,” tweeted HMA Chief Executive John Krafcik, “but we will certainly field a BEV at some point.”


Hyundai’s Krafcik Named “Executive of the Year”

"Superb team" shares credit.

by on May.21, 2013

Hyundai Motor America CEO John Krafcik.

John Krafcik, president and chief executive officer of Hyundai Motor America, has been named “Automotive Executive of The Year” for 2013.

The award for the one-time Ford Motor Co. engineer comes as the Korean carmaker sees a modest – but anticipated — slowdown after several years of record sales growth.

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“With his superb team, John Krafcik has literally reshaped the way Hyundai approaches the market with consumer focus, compelling design, and enduring value,” said Robert Djurovic, executive director of the Automotive Executive of the Year Award program, and director of Automotive Services North America, DNV. “It’s no surprise that accolades for Hyundai products just keep coming,” Djurovic said.


Production Shortage Dragging Down Hyundai’s Market Share

But incentives fall while transaction prices soar.

by on Mar.15, 2013

The 2013 Hyundai Santa Fe is the latest addition to the maker's line-up.

Hyundai has set sales records in each of the last two months yet could still wind up losing market share this year because of a chronic shortage of vehicles.

The problem is one of global scale and reflects the maker’s cautious approach to boosting production capacity, Hyundai Motor America Chief Executive Officer John Krafcik told But the Korean carmaker is beginning to look for ways to address the situation.

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There is a positive side to the shortage. It has reinforced Hyundai’s effort to transform itself from a “value-based brand to a valuable brand,” according to Krafcik, and in the process, the maker has been able to cut incentives while average transaction prices have jumped to record highs on most of its products.

“We’ve never sold as many cars in January and February as we did in the first two months of this year,” Krafcik noted.


Hyundai HCD-14 Reveals New Design Direction

From concept to production with next-gen Genesis.

by on Jan.14, 2013

The new Hyundai HCD-14 Concept will have a strong influence on the design of the next-gen Genesis sedan.

Few automotive brands have delivered more surprises than Hyundai.

At the Detroit Auto Show on Monday, the automaker once again threw out a concept that shakes up the establishment with the intention of taking its premium offerings to another level.

Hyundai Motor America CEO John Krafcik said that while its HCD-14 Genesis Concept is not the next version of the Genesis sedan, it is a “spiritual guide” for its future premium cars.

Hyundai used a cool movie-style clip highlighting some of the concept’s high-tech features including eye-tracking technology and hand-gesture controls for making phone calls, changing the temperature and choosing music.

“We think it’s once again time to defy convention and delight our premium customers,” Krafcik said.

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No one expected the Korean carmaker to so effectively move up-market with models like the original Genesis sedan and more recent Equus. And now, if the new Hyundai HCD-14 Concept debuting at the 2013 North American International Auto Show is any indication, the maker is going to offer an even more serious challenge to upscale competitors like Lexus, BMW and Mercedes-Benz.


Hyundai, Kia Face Possible Senate Probe

Lawmakers look into mileage flap.

by on Dec.05, 2012

Sen. John D. Rockefeller III wants answers on the Hyundai/Kia mileage flap.

Korean carmakers Hyundai and Kia seem to have survived the court of public opinion, sales holding up well despite the flap over false fuel economy claims – but their troubles are far from over, with a Senate committee threatening to call company officials to testify.

Sen. John D. Rockefeller IV, chairman of the Senate Commerce Committee, is asking for more information about how Hyundai and Kia intend to satisfy consumers who purchased vehicles from the two South Korean companies impacted by the fuel economy ratings scandal.

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In a letter to John Krafcik, the president and chief executive of Hyundai Motors America, Rockefeller asked for detailed answers to questions about the company’s “Miles Per Gallon” window sticker claims which were proved to be false after an audit by the Environmental Protection Agency.  The letter contained a warning that Hyundai and Kia could face Congressional hearings, something which every carmaker dreads.


Hyundai Offers Peek at Veloster C3 Roll-Top

Concept could be headed for production, officials hint.

by on Nov.29, 2012

Hyundai is giving serious consideration to producing the roll-top Veloster C3 concept.

Hyundai offered an imaginative open-air reinterpretation of the popular Veloster coupe during a preview at the Los Angeles Auto Show.

The C3 convertible 3-door concept vehicle unveiled at the LA show features a dual-function convertible soft top that rolls backwards and forwards – somewhat like the system used on the Fiat 500C – and a tailgate to replace the standard Veloster’s hatchback.

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“We were inspired by the proverb ‘A rolling stone gathers no moss,’” explained Chris Chapman, chief designer, Hyundai Design North America. “The Veloster C3 Roll Top concept offers the ‘no strings attached’ freedom of a roll top convertible and customizable utility that fits an everyday to a play day dual lifestyle.”