Read This: US and EU negotiating free trade pact to unify global auto safety regulations

Filed under: Government/Legal, Safety, Read This

Safety and emissions regulations have long been touchy subjects in the auto industry, because they can dictate the legality of automobiles and are not the same from country to country. Fragmented regulations add costs to vehicle sales, and they inhibit the ability of automakers to offer the same products around the globe.

The US and EU are attempting to improve the situation with Free Trade Agreement negotiations that started this month in Washington, D.C., Wards Auto reports, which are expected to result in a deal that pushes the global auto industry toward a world vehicle-regulatory system, with an emphasis on safety requirements.

Thoughts of mandatory sealed-beam headlights and 100+pound impact bumpers – both of which were products of fragmented global vehicle-regulatory systems – still give us headaches decades later, so here’s to hoping the FTA negotiations help unify safety regulations to some degree.

Be sure to read the article for all the details on the trade negotiations, and feel free to comment below.

US and EU negotiating free trade pact to unify global auto safety regulations originally appeared on Autoblog on Fri, 26 Jul 2013 18:01:00 EST. Please see our terms for use of feeds.

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Hyundai wants you for the long-term with Assurance Trade-In Value Guarantee

Filed under: Car Buying, Hyundai

Hyundai logo

Hyundai made news recently when it announced its new Assurance Trade-In Value Guarantee program. Now, the program is officially under way.

If you purchase a Hyundai vehicle at an authorized dealership, in 24 or 48 months time you can trade that vehicle back in for a new Hyundai and the dealer will honor the agreed-upon future value of your trade-in. Should your car be worth a bit less due to the changing market, you will still receive full value. However, should your car be worth more, then you will receive the increased value to put towards the price of a new Hyundai.

Click past the jump to read the full press release.

Hyundai wants you for the long-term with Assurance Trade-In Value Guarantee originally appeared on Autoblog on Tue, 03 May 2011 19:30:00 EST. Please see our terms for use of feeds.

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Hyundai launches Assurance Trade-in Value Guarantee

Filed under: Car Buying, Hyundai, Earnings/Financials

Hyundai

Hyundai is making a grab for more customer loyalty than it already enjoys with its newly launched Assurance Trade-in Value Guarantee, which, as its name suggests, guarantees future trade-in values on new car purchases. The move falls under Hyundai’s wide-spanning Assurance marketing scheme, and will give buyers a solid number to determine what their car will be worth two to four years down the line.

The new initiative will be go into effect starting in May, and affects all Hyundai models. The actual value of Hyundai’s models will be determined by the Automotive Lease Guide forecast of future value. Hyundai is quick to point out that the residual value for its models is now among the highest in the industry and it’s saying that this new program offers one of the major benefits of a lease program, but with all the benefits of actual vehicle ownership.

To qualify, the vehicle must be purchased at an authorized Hyundai dealership and then traded in within 24 to 48 months on a new Hyundai vehicle. See all the details in the official press release after the break.

[Source: Hyundai | Image: Jung Yeon-Je/AFP/Getty]

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Hyundai launches Assurance Trade-in Value Guarantee originally appeared on Autoblog on Wed, 20 Apr 2011 16:28:00 EST. Please see our terms for use of feeds.

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Report: U.S., South Korea closer to new trade deal

Filed under: Government/Legal, South Korea

Flags

The United States and South Korea have reached an agreement regarding revisions to the free-trade deal between the two nations. This move allows the U.S. and the South Korea to move forward and look at approving the legislation, which has been delayed due to issues on both sides.

A rundown of what has been changed is as follows:

  • The U.S. can phase out its 2.5 percent tariff on automobiles over five years, instead of three.
  • Each U.S. Automaker can export up to 25,000 cars to South Korea annually provided they meet US crash standards.
  • The U.S. can continue charging a 25 percent tariff on trucks for eight years and then phase it out by the 10th year.
  • South Korea will eliminate its tariff on trucks.

Both sides report that significant progress has been made, and the revised agreement continues to be reviewed. With $68 billion in trade floating between the United States and the Republic of Korea, getting this trade agreement signed should serve to boost our national export business.

[Source: Automotive News – sub.req.]

Report: U.S., South Korea closer to new trade deal originally appeared on Autoblog on Sun, 05 Dec 2010 10:03:00 EST. Please see our terms for use of feeds.

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Former Ford employee pleads guilty to stealing $50M in trade secrets

Filed under: Government/Legal, Ford

FordAccording to the Department of Justice, 49 year-old Mike Yu has pleaded guilty to two counts of theft of trade secrets. Yu worked as a product engineer for Ford for 10 years before accepting a job with another company, but when he left the Blue Oval, he took more than his family photos with him when he walked out the door. The engineer copied over 4,000 Ford documents onto an external hard drive before letting the company know of his new employer. Those documents included proprietary information on everything from engine and transmission mounting designs to electrical systems and full body shells. Yu began working for Beijing Automotive Company in 2008.

Yu returned to the United States in November of that same year, and was arrested upon his arrival. The Federal Bureau of Investigation found a Beijing Automotive Company laptop among Yu’s possessions at that time with 41 Ford design specification documents on its hard drive. Yu had apparently accessed those documents while working for the company.

Under his plea agreement, Yu faces up to six and a half years in prison and a $150,000 fine in addition to an agreed loss amount of between $50 million and $100 million. The former engineer will be deported after his prison time is up. Follow the jump to read the official government statement.

[Source: The Department of Justice]

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Former Ford employee pleads guilty to stealing $50M in trade secrets originally appeared on Autoblog on Wed, 24 Nov 2010 13:32:00 EST. Please see our terms for use of feeds.

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