Hyundai Truck America to Suspend Sales Operations

JAMESBURG, N.J., Dec. 19, 2003 -- Citing the difficulties in being a new entrant in a softening and competitive market, Hyundai Truck America will suspend sales operations by the end of 2003. However, an office will be established here to facilitate the availability of parts, warranty repairs and technical information for owners of Hyundai trucks and Bering trucks custom manufactured by Hyundai for the now defunct Bering.

The company, a subsidiary of Korea's Hyundai Motor Company, earlier this year began marketing Class 4 and 6 cab-over engine trucks. Due to the high over-all costs of market penetration in the shifting, increasingly competitive, medium-duty marketplace, particularly with the reduced demand for cab-over designs, Hyundai found it difficult to build a dealer network of sufficient size and obtain committed favorable vehicle financing. HTA does not think the situation will significantly change in the near term to warrant continuing the investment.

Hyundai Motor Company, one of the world's leading automakers with over $18.7 billion in sales last year, exports its passenger cars and commercial vehicles to more than 200 countries. The Seoul, Korea-based Hyundai Motor employs a worldwide workforce of more than 50,000 people and maintains or jointly controls 13 production facilities, seven research and development centers and hundreds of branches of affiliated offices throughout the world. In 35 years, Hyundai Motor has become one of the leading automotive manufacturers in the world.