Australian Associated Press reports that Korean car producer Hyundai has taken direct control of its Australian operations. APP says that the company announced today that it had bought Hyundai Automotive Distributors Australia Ltd (HADA) from Singapore-based Cycle and Carriage Ltd.
It said a new company, Hyundai Motor Company Australia Ltd (HMCA), had also been established to import and wholesale the range of Hyundai vehicles through 140 dealers Australia-wide.
Bong Gou Lee, 54, was appointed chief executive officer, according to AAP.
“The establishment of HMCA signals a new era for the Hyundai Automotive brand in Australia, with the manufacturer now directly involved in this very important, intensely competitive market,” Mr Lee said in a statement.