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HYUNDAI MOTOR COMPANY ANNOUNCES PLANS FOR U.S. PROVING GROUND

ID: 46852

­­ Fifty­Million­Dollar Facility Adds to Hyundai’s Growing Investment in the United States, Reaffirms Commitment to U.S. Hyundai and Consumers ­­

FOUNTAIN VALLEY, Calif., Jan. 27, 2003 – , Korea, announced plans to build a $50 million automotive proving ground in California City, Calif. The facility will be the test site for next­generation vehicles from Hyundai and Kia. The Hyundai/Kia Proving Ground furthers Hyundai’s growing investment in the United States and reaffirms the company’s commitment to designing Hyundai and Kia products for North American consumers.

Groundbreaking on the 4,300­acre facility, located 100 miles north of Los Angeles in the (north of State Highway 58) will take place later this year. The project is scheduled for completion in 2004 and will feature the construction of a 6.4­mile oval track, a Vehicle Dynamics Area (VDA), a vehicle­handling course inside the oval track, a paved hill road, and several special surface roads. A 30,000­square­foot complex for offices and indoor testing will also be constructed.

The proving ground will be staffed and run by Hyundai Motor Company subsidiary, Hyundai America Technical Center, Inc. (HATCI), which is responsible for the technical development of Hyundai and Kia cars and in North America.

The Hyundai/Kia Proving Ground is the most recent U.S. investment by Hyundai, demonstrating the company’s firm commitment to this country. Recent U.S. investments include the newly opened $24 million Hyundai/Kia Design Center in Irvine, Calif., and the $1 billion manufacturing plant in Montgomery, Ala. – Hyundai’s first U.S. manufacturing facility.

“The United States offers many appealing opportunities for Hyundai Motor Company, and we continue to invest to ensure our future here,” said Dr. Young Woo Kim, Senior Executive Vice President, Hyundai America Technical Center, Inc. “The proving ground is an example of our commitment to developing vehicles that meet the unique demands of the American driver.”

Hyundai selected California City because it has proven to be an ideal location for other automotive research and development industries. Groundbreaking for the new facility will signal the success of a campaign to redraw the city boundaries to increase the viability of future development in California City.

The facility will bring as many as 40 new full­time jobs to the East Kern County area, attract associated industry companies and add significantly to city revenue. California City officials have endorsed the project citing Hyundai’s reputation as a responsible corporate partner, and the long­term positive impact on the local economy, as the primary reasons for facilitating the deal.

Hyundai America Technical Center, Inc., is a wholly owned subsidiary of Hyundai Motor Company, Korea. It is responsible for the technical development of cars and trucks in North America, including governmental certification issues. Its headquarters are located in Ann Arbor, Mich., with two branch offices in the Los Angeles area.

Kia Motors America is the U.S. sales, marketing and service arm of Kia Motors Corp. in , Korea. The full line of Kia models including the Sorento midsize SUV, Sedona , Optima midsize sedan, Spectra compact sedan and five­door hatchback as well as the Rio subcompact sedan and Rio Cinco five­door are available at more than 600 retailers nationwide. For more information, visit www.kiamedia.com.