Hyundai Motor America 10550 Talbert Ave, Fountain Valley, CA 92708 MEDIA WEBSITE: HyundaiNews.com CORPORATE WEBSITE: HyundaiUSA.com FOR IMMEDIATE RELEASE
HYUNDAI ANNOUNCES PLANS TO SELL MINIVAN, SPORT UTILITY VEHICLE IN U.S. BY YEAR 2000
Chris Hosford Corporate Communications Executive Director (714) 9653470 [email protected]
ID: 29119
DETROIT, Jan. 7, 1998 Hyundai will introduce both an allnew minivan and an allnew sport utility vehicle in the U.S. market by the year 2000 as part of its introduction of six new vehicles Hyundai Motor America President M. H. Juhn told journalists today at the North American International Auto Show.
“These two completely new additions to our product lineup, in addition to the four replacements in our existing car lines clearly demonstrate Hyundai’s commitment to United States market,” said Juhn.
“Despite a difficult economic situation in our home market, Hyundai remains a strong force in the global auto industry. Hyundai will not slow it’s product development activities or engineering advancements, even as we actively work to reduce costs throughout our operation,” Juhn said.
The new Hyundai minivan will go on sale at U.S. dealerships in 1999. The fourdoor sport utility vehicle will go on sale one year later.
The minivan will be a frontwheel drive vehicle powered by a V6 engine, about the size of a Dodge Caravan. It will feature “a great deal of storage, interior space and plenty of cup holders,” according to Juhn.
The Hyundai sport utility vehicle will be available in both two and fourwheel drive versions. One of Hyundai’s five international design studios, The Hyundai California Design Studio, in Fountain Valley, Calif. has been heavily involved in the design of the sport utility vehicle. The vehicle will be about the size of a Toyota RAV 4.
Juhn also announced four other new vehicles Hyundai will be introducing in the next several years in the U.S.
In 1998 Hyundai will bring in an allnew replacement for the Hyundai Sonata. That vehicle will be completely new, including the two engines and four transmissions that will be available for that vehicle.
In addition to the new minivan, in 1999 Hyundai will introduce a new Accent, the company’s subcompact car, as well as a dramatic redesign of its popular sporty coupe, the Tiburon.
“Although the Tiburon was only introduced in 1997, we know that sports car buyers’ tastes change quickly, so we determined to keep customers happy by keeping the Tiburon fresh and attractive,” said Juhn.
In the year 2000 Hyundai Motor America will also introduce a replacement for its compact Elantra.
Discussion the recent economic problems in South Korea, Juhn said that recent steps taken by the government and business will undoubtedly eventually lead that country out of its current troubles, despite difficult months ahead. He said that not only was the basic economy strong, but that the people of South Korea were strong willed and committed to returning their country economic stability.
“I see a revival for South Korea not just in economic spreadsheets but in the faces of the people both in the board rooms and in the streets of Seoul. Korea and Hyundai Motor Company are going to emerge stronger than ever and you can take that to the bank.”
Juhn noted that Hyundai Motor Company had already begun restructuring for a more competitive environment well before the current economic troubles in Korea arose. In 1994 Hyundai began a toptobottom analysis of all its business operations and then began the first phase of a reorganization designed to make it more competitive in the global market place.
The restructuring included strong actions to reduce costs, including cutting production costs by 10 percent per year. The overall corporate structure of the company was also streamlined and unnecessary layers of management were removed. The company reduced its executive ranks by 30 percent as part of these efforts.
The improvements made during first phase or restructuring have been recognized by the respected U.S. consulting firm Arthur Little. In 1997 it surveyed over 4,500 firms in 14 Asian countries, including Japan, to determine their competitiveness. Criteria such as financial productivity, sales, profitability, asset structure, market strategies and price competitiveness were studied. The resulting rankings placed Hyundai Motor Company as the 8th most competitive business in all of Asia.
The company has now begun the second phase of the restructuring. It has announced that it will cut total employment by 11 percent. Reorganization efforts will result in the combining 14 internal divisions into just seven.
Despite the over employment reductions there will be no cut in the number of engineers and designers, Juhn indicated. The company is committed to pushing its engineering and design strengths further, developing many new products for the coming years.
# # # Hyundai Motor America 10550 Talbert Ave, Fountain Valley, CA 92708 MEDIA WEBSITE: HyundaiNews.com CORPORATE WEBSITE: HyundaiUSA.com FOR IMMEDIATE RELEASE
HYUNDAI ANNOUNCES PLANS TO SELL MINIVAN, SPORT UTILITY VEHICLE IN U.S. BY YEAR 2000
Chris Hosford Corporate Communications Executive Director (714) 9653470 [email protected]
ID: 29119
DETROIT, Jan. 7, 1998 Hyundai will introduce both an allnew minivan and an allnew sport utility vehicle in the U.S. market by the year 2000 as part of its introduction of six new vehicles Hyundai Motor America President M. H. Juhn told journalists today at the North American International Auto Show.
“These two completely new additions to our product lineup, in addition to the four replacements in our existing car lines clearly demonstrate Hyundai’s commitment to United States market,” said Juhn.
“Despite a difficult economic situation in our home market, Hyundai remains a strong force in the global auto industry. Hyundai will not slow it’s product development activities or engineering advancements, even as we actively work to reduce costs throughout our operation,” Juhn said.
The new Hyundai minivan will go on sale at U.S. dealerships in 1999. The fourdoor sport utility vehicle will go on sale one year later.
The minivan will be a frontwheel drive vehicle powered by a V6 engine, about the size of a Dodge Caravan. It will feature “a great deal of storage, interior space and plenty of cup holders,” according to Juhn.
The Hyundai sport utility vehicle will be available in both two and fourwheel drive versions. One of Hyundai’s five international design studios, The Hyundai California Design Studio, in Fountain Valley, Calif. has been heavily involved in the design of the sport utility vehicle. The vehicle will be about the size of a Toyota RAV 4.
Juhn also announced four other new vehicles Hyundai will be introducing in the next several years in the U.S.
In 1998 Hyundai will bring in an allnew replacement for the Hyundai Sonata. That vehicle will be completely new, including the two engines and four transmissions that will be available for that vehicle.
In addition to the new minivan, in 1999 Hyundai will introduce a new Accent, the company’s subcompact car, as well as a dramatic redesign of its popular sporty coupe, the Tiburon.
“Although the Tiburon was only introduced in 1997, we know that sports car buyers’ tastes change quickly, so we determined to keep customers happy by keeping the Tiburon fresh and attractive,” said Juhn.
In the year 2000 Hyundai Motor America will also introduce a replacement for its compact Elantra.
Discussion the recent economic problems in South Korea, Juhn said that recent steps taken by the government and business will undoubtedly eventually lead that country out of its current troubles, despite difficult months ahead. He said that not only was the basic economy strong, but that the people of South Korea were strong willed and committed to returning their country economic stability.
“I see a revival for South Korea not just in economic spreadsheets but in the faces of the people both in the board rooms and in the streets of Seoul. Korea and Hyundai Motor Company are going to emerge stronger than ever and you can take that to the bank.”
Juhn noted that Hyundai Motor Company had already begun restructuring for a more competitive environment well before the current economic troubles in Korea arose. In 1994 Hyundai began a toptobottom analysis of all its business operations and then began the first phase of a reorganization designed to make it more competitive in the global market place.
The restructuring included strong actions to reduce costs, including cutting production costs by 10 percent per year. The overall corporate structure of the company was also streamlined and unnecessary layers of management were removed. The company reduced its executive ranks by 30 percent as part of these efforts.
The improvements made during first phase or restructuring have been recognized by the respected U.S. consulting firm Arthur Little. In 1997 it surveyed over 4,500 firms in 14 Asian countries, including Japan, to determine their competitiveness. Criteria such as financial productivity, sales, profitability, asset structure, market strategies and price competitiveness were studied. The resulting rankings placed Hyundai Motor Company as the 8th most competitive business in all of Asia.
The company has now begun the second phase of the restructuring. It has announced that it will cut total employment by 11 percent. Reorganization efforts will result in the combining 14 internal divisions into just seven.
Despite the over employment reductions there will be no cut in the number of engineers and designers, Juhn indicated. The company is committed to pushing its engineering and design strengths further, developing many new products for the coming years.
# # #