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CUSIP No. 90328P100 13D Page 1 of 3 Pages
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
U.S. ELECTRICAR, INC.
Common Stock, no par value
CUSIP No.: 90328P100
D.H. Kim
Hyundai Motor Company
140-2 Kye-Dong, Chongro-Ku
Seoul 110-173 Korea
011 822 746 1114
J.T. Choo
Hyundai Electronics Industries Co., Ltd.
San 136-1, AMI-R1 Rubal-EUB
Ichon-S1, KYOUNGKI-DO 467-860 Korea
011-82-336-30-2611
October 9, 1997
If the filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(b)(3) or (4), check the following
box / /.
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for other parties to whom copies are
to be sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP No. 90328P100 13D Page 2 of 3 Pages
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ITEM 4. PURPOSE OF TRANSACTION
(a)-(j) As previously disclosed, the purpose for the acquisition of the
Purchased Shares by each of the Purchasers is for investment. However, in an
effort to protect the value of their investment, the Purchasers reserve the
right to express their views to management and the Board of Directors of the
Company from time to time concerning the strategic direction and financial
condition of the Company.
On October 17, 1997, Hyundai Motor Company sent a letter to the Board of
Directors of the Company expressing concern about the financial condition of the
Company and the lack of steps that have been taken to improve it. The letter
requested that changes be made as soon as possible to define a corporate
strategy which focuses on enhancement of the Company's technology development
capacity while cutting other non-essential, unproductive costs and activities.
The letter also proposed the appointment of new management who would be better
positioned to bring about this type of restructuring. Hyundai Electronics
Industries Co., Ltd. expressed similar views in a letter to the Board of
Directors dated October 9, 1997. The Purchasers understand that other large
shareholders have made similar requests of the Company.
To date, the Purchasers have not exercised their contractual right to have
a designee appointed to the Board of Directors of the Company.
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CUSIP No. 90328P100 13D Page 3 of 3 Pages
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Hyundai Motor Company
Dated: October 27, 1997 By: Jae Wan Lee
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Its: Authorized Representative
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Hyundai Electronics Industries Co., Ltd.
Dated: October 27, 1997 By: Jin Kim
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Its: Authorized Representative
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