Hyundai Motor Company to Offer Light and Medium Duty Commercial Trucks In the United States

Bering Truck Dealers Will Have Opportunity to Become Hyundai Commercial Vehicle Dealers

SEOUL, South Korea, Nov. 27 -- Hyundai Motor Company (HMC) announced today that it plans to distribute its commercial vehicle products in the United States. Initially, HMC will offer a compact range of light and medium Class 4 and Class 6 vehicles through a dealer network that will be supported by a directly affiliated company, to be announced in early 2002. The light-duty and medium-duty trucks will be fully supported by parts, service and warranty arrangements by Hyundai Motor Company. Additional products for the US market incorporating powertrains developed by a commercial vehicle engine joint venture with DaimlerChrysler are planned for 2004. Bering Truck dealers, who earlier distributed custom manufactured commercial vehicles by Hyundai, will have the opportunity to become Hyundai commercial vehicle dealers. Bering Truck was unable to meet its warranty, parts and other obligations to its dealers and customers and closed its doors in June of 2001. Since that time, Hyundai Motor Company has voluntarily provided interim parts and warranty support to Bering Truck dealers and customers. In a letter to all former Bering Truck dealers, Hyundai Motor Company's Senior Executive Vice President, Byung-Kee Smith said, "The move represents the creation of a new business by Hyundai Motor in the United States and allows the difficulties caused by the failure of Bering Trucks to be overcome." By offering Hyundai commercial vehicles in the United States, Hyundai Motor Company hopes to provide new opportunities for existing Bering Truck dealers and stability for its customers.