Hyundai Motor says Obama won`t have negative impact on car exports

SEOUL, Nov. 7 (Yonhap) -- Hyundai Motor Co. said Friday Barack Obama's U.S. presidential election victory won't have a negative impact on sales of South Korean cars in the world's largest economy.

Obama's historic ascent to the White House this week prompted South Korean media
to raise concerns that Hyundai and its affiliate Kia Motors Corp., the nation's
dominant automakers, could take a hit from possible protectionist policies
associated with the U.S. president-elect.
Hyundai responded to the reports by releasing a statement, saying, "The election
of Obama won't have a negative impact on South Korean cars."
Hyundai also noted, "Economic stimulus packages by the new U.S. administration
might be a boon for the South Korean auto industry."
For days, South Korea's senior officials have ruled out any chance of
renegotiating a sweeping free trade deal with the U.S. The deal was signed in
June last year and is awaiting ratification by the legislatures of the two
nations.
Obama, however, has strongly criticized the deal with South Korea, citing a huge
disparity in auto trade.
Last year, South Korean automakers sold 772,482 vehicles, mostly built by Hyundai
and Kia, in the U.S., while U.S. auto companies sold 6,235 in South Korea,
industry data showed.
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