Hyundai Motor America 10550 Talbert Ave, Fountain Valley, CA 92708 MEDIA WEBSITE: HyundaiNews.com CORPORATE WEBSITE: HyundaiUSA.com FOR IMMEDIATE RELEASE
HYUNDAI MOTOR ADDS NEW ELANTRA TO CHINESE PRODUCT LINEUP
Miles Johnson Senior Manager, Quality, Service and Technology (714) 3661048 [email protected]
ID: 28725
Addition of second model adds momentum to HMC’s plans to raise production in China to 600,000 per annum In keeping with plans to introduce a new model annually in China Targeting total China ’04 sales of 150,000 and 600,000 by ‘08
SEOUL, Korea, Dec. 23, 2003 Beijing Hyundai Motor Co. today launched the Elantra compact sedan adding a second model to its Chinese product portfolio. Elantra’s arrival will provide further momentum for Beijing Hyundai Motor Co., one of China’s newest and fastest growing automakers. Just one year ago, the 50:50 manufacturing joint venture made its debut in the Chinese market with Sonata and exceeded expectations by selling 55,000 units in its first year.
The Elantra launch ceremony, hosted by Hyundai Motor Co. Chairman Chung MongKoo and Beijing Hyundai Chairman Xu Heyi, was a VIPstudded affair with numerous senior civic and central government officials attending.
“The Elantra is our global bestseller and is the right car at the right time for the Chinese market,” said Chairman Chung.
Through its joint venture with Beijing Automotive, Hyundai Motor Co. is well positioned to tap into China’s fastgrowing economy and rapidly rising demand for motor vehicles. “Beijing Hyundai will continue to produce high quality competitive new models and by doing so, it will contribute to the strengthening of Sino Korean trade and relations,” added Chairman Chung.
The new Elantra is based on the XD compact sedan platform. An updated version of the XD was launched in the Korean market in May 2003 where it retails under the Avante XD badge.
The Chinesebuilt Elantra has been tailored to suit local market requirements and includes minor modifications to the chassis setup to suit China’s more demanding road conditions. In addition, the fuel system and powertrain have been reengineered to meet local requirements. The base engine is a 1.6liter DOHC Beta while a 1.8liter DOHC is available as an option.
The Elantra’s primary competitors in the Chinese market will be the Volkswagen Bora, Nissan Sunny and GM Excelor.
Beijing Hyundai expects to sell 60,000 units of the Elantra in 2004 and to secure a local market share of 10 percent. Beijing Hyundai currently distributes its products through a network of 70 dealers which will be expanded to 180 next year.
Established in 1967, Hyundai Motor Co. has grown into the Hyundai Automotive Group which includes Kia Motors Corp. and over two dozen autorelated subsidiaries and affiliates. Employing nearly 50,000 people worldwide, Hyundai Motor posted US$21.94 billion in sales in 2002. Hyundai motor vehicles are sold in 166 countries through 4,504 dealerships and showrooms. Further information about Hyundai Motor Co. and its products is available on the Internet at http://www.hyundaimotor.com
# # #