Hyundai Motor Company's U.S. Counsel, McCutchen Announces Signing of Memorandum Regarding Logistical Support for Distribution of Parts to Bering Dealers

    SEOUL, South Korea--June 28, 2001--HMC and Detroit Diesel Corporation today signed a Memorandum of Understanding which provides that DDC will provide needed logistical support for the distribution of commercial vehicle parts to Bering dealers as soon as parts arrive from Korea.
    HMC confirms that its parts affiliate Hyundai Mobis is preparing a large shipment of parts as recently requested by Bering dealers for air freight directly to DDC and distribution to the dealers. Thereafter DDC will be responsible to develop parts inventory forecasting and order and other services.
    The parties have agreed to conclude the definitive agreement within 30 days, but they are commencing implementation of parts supply to Bering dealers immediately.