Output at Hyundai’s Overseas Manufacturing Subsidiaries Gains Momentum in November

SEOUL, Korea, Dec. 1, 2003 - Strong demand in India, China and Turkey kept the overseas manufacturing subsidiaries of Hyundai Motor Co. busy in the month of November as offshore output rose 3.1 percent month-over-month to 22,520 units, for a Jan.-Nov. total of 217,080 units, representing an 86.8 percent year-over-year improvement.

However, the robust overseas performance was not enough to prevent a 6.5 percent m-o-m decline in combined domestic and overseas sales which slipped to 184,887 units. On a bright note, Hyundai is still ahead for the year as combined sales for the first eleven months are up 4.4 percent y-o-y to reach 1,772,211 units.

Exports from Hyundai’s three Korean factories slowed slightly to reach 113,312 units in November, for a 8.7 percent m-o-m decline. As of the end of November, a total of 976,584 units were shipped this year for a 12.1 percent gain y-o-y which puts Hyundai on track to passing the one million unit per annum milestone for the first time ever. Elantra ranked as the most popular export model followed by Santa Fe, Accent and Getz. Sonata shipments to Hyundai Motor America surged to 14, 574 units while in the EU, Getz sales rose to 10,609 units.

The welcome news on the domestic sales front was the launch in mid-November of the new Equus. Some 939 units were delivered for a 39.1 percent month-over-month increase while the Sonata saw sales of 6,647 units to maintain a tight grip on its title as Korea’s best-selling passenger car. Overall, passenger car sales failed to gain momentum as negative consumer sentiment depressed passenger car sales to 18,001 units, for a 17.5 percent m-o-m drop. The year-to-date total stands at 264,215 units, a 19 percent y-o-y deterioration.

Sales of vans and SUVs vehicles fared slightly better registering a 1.3 percent m-o-m increase to reach 11,558 units. Hyundai managed to retain a 37 percent market share of Korea’s “RV” segment which includes SUVs and minivans giving it market leadership in the hotly contested domestic segment.

Commercial vehicles sales rose 5.3 percent m-o-m to reach 19,496 units led by brisk demand for the Porter truck which for the second straight month ruled as the best-selling Hyundai vehicle. Year-to-date bus and truck sales reached 185,678 units equivalent to a 17.6 percent decline.

Established in 1967, Hyundai Motor Co. has grown into the Hyundai Automotive Group which includes Kia Motors Corp. and over two dozen auto-related 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.hyundai-motor.com

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