Hyundai-Kia named Car Company of the Year by Autocar

Group recognized as having “mind-blowing” ambition

5th largest automotive company behind Toyota, GM, Ford and Audi-VW

Offering well-designed cars of great quality with longer warranties than other manufacturers in the market

SEOUL - November 18, 2008: The UK's oldest motoring magazine, Autocar, has named Hyundai-Kia as its Car Company of the Year at its annual award ceremony in Westminster London, England. The annual Autocar awards event is widely considered Europe’s most prestigious industry accolades ceremony and is where the European Car of the Year Award winner is announced.

Citing the Korean giant’s “mind-blowing” ambition, editor Chas Hallet presented the title to Mr. Nam-Yong Kim, President of Hyundai-Kia’s European Research and Development Centre in Germany.

Hallett commented, “When the irrepressible Hyundai-Kia group started talking, just a few years ago, about wanting to become the world’s fifth largest car company behind Toyota, GM, Ford and Audi-VW, many of us were sceptical.

“Then the Korean group got serious. They hatched a plan to assemble a European design and engineering team to conceive a range of models for Europe. Boldly, they challenged the VW Golf and Ford Focus head on, building cars that looked as good and worked as well – and offering them with a far longer warranty, just for good measure.

“They began to acquire a reputation as the Eastern marques that would bring forth bold design concepts, much as Citroën has been doing in Europe, and they built separate factories for Hyundai and Kia in lower-cost Eastern Europe, servicing both operations from handily placed engine and gearbox plants,” he added.

The product of a merger in 1998, Hyundai-Kia currently dominate the Korean domestic car market with an 80 per cent share and this year became the world’s fifth largest car-maker, according to Automotive News in the US.

With plants in North America, China, Europe and other locations including Russia, the Middle East and South East Asia, Hyundai-Kia have climbed into the top ranks of the world’s biggest car companies in less than 50 years. Both companies began making automobiles in the 1960s and didn’t start exporting their products until the 1980s.

Kia currently builds its cee’d family and Sportage SUV models at its state-of-the-art factory in Zilina in the Slovak Republic and construction of a plant in Georgia, US is nearing completion.

President Nam-Yong Kim commented, “This recognition of the efforts of everyone within Hyundai and Kia is a great honour, coming from such a renowned publication as Autocar. This is a significant recognition of the determination of our Chairman, Mr. Mong-Koo Chung and all of our people to firmly put the Korean automotive industry on the global map.”