“We knew this [shutdown] was going to have a big impact on our industry, and on people’s lives, and so when we reached out and said that we’re going to bring back the job-loss protection, that was really just the first step in now what’s become multiple layers of support,” said Brian Smith, COO of Hyundai Motor America.
Those layers, including 0 percent financing and 120 days before first payment, weren’t enough to prevent a 43 percent drop in Hyundai’s March U.S. sales. But the incentives are part of a big-picture strategy by Hyundai Motor Group to keep existing customers loyal and dealers solvent, and to lay the groundwork for a return to the core goals of gaining market share and improving margins. Kia doesn’t have a job-loss program but is offering aggressive financing, payment deferrals and discounts on new vehicles.
The group’s brands also joined in the fight against the coronavirus. Hyundai and Genesis have pledged $4 million in grants to provide cash and testing kits at…
