Hyundai Confirms Bering Truck Corp As Sole U.S. Commercial Vehicle Distributor
6 July 2000
Hyundai Motor Company Reaffirms Agreement With Bering Truck Corporation As Exclusive U.S. Commercial Vehicle Distributor
FRONT ROYAL, Va. - Following a meeting in Korea held July 1 between senior executives of Hyundai Motor Company and Bering Truck Corporation, Hyundai reaffirmed that Bering Truck Corporation, based in Front Royal, Virginia, is the exclusive distributor for Hyundai's commercial vehicle products in licensed territories in the United States. The meeting addressed recent reports in the media that Hyundai's commercial vehicle products would be distributed in the United States by DaimlerChrysler's Freightliner and Sterling units. A Hyundai spokesman said that these media reports did not take into account Hyundai's distribution agreements in the United States or other parts of the world, due to the early stages of discussions between the companies."We are working closely with Bering to help them prepare new products in the future," said Hyundai's President D.J. Kim. Last month, Bering, with the support of Hyundai, initiated an attractive lease program through Ford Motor Credit to continue strong sales momentum for this year.
William Anderson, president and CEO, Bering Truck Corporation, said that he was pleased that Hyundai supports fully Bering's new product offerings and promotional activities for Bering's commercial vehicle product line. In addition to its distribution of Hyundai's commercial vehicles under the Bering name, the company is completing its manufacturing and assembly facility in Front Royal with a planned capacity of 20,000 vehicles a year.
Currently Bering distributes commercial vehicles through its dealership network in 24 states, with more than 46 full-service dealer locations. Combining Hyundai's solid commercial vehicle platforms with quality U.S. components from major companies such as Caterpillar and Cummins Engines as well as Allison and Eaton Transmissions, Bering is able to offer high value state-of-the-art commercial vehicles at competitive pricing. In only a year, Bering sales have passed commercial vehicle sales for similar products offered by Nissan UD and Hino.
Recently, Hyundai announced a strategic alliance with DaimlerChrysler covering many areas of cooperation including a commercial vehicle joint venture. President Kim of Hyundai said that he looked forward to Bering's continued success in the United States and that the announced strategic alliance with DaimlerChrysler did not affect its relationship with Bering.
Bering Truck Corporation, the exclusive distributor of Hyundai Commercial Vehicles in the U.S., is also the first all-new independent U.S. truck manufacturer in more than 70 years. Together with its wholly owned subsidiary, Bering Truck Distribution, LLC, Bering is a privately held manufacturer, importer and distributor of Class 3-8 commercial trucks. Products combine new world-class cab and chassis technology with leading U.S.-made engines and components and will be manufactured in two locations: Chunju, S. Korea at Hyundai Motor Company's state-of-the-art commercial vehicle factory, and at Bering's World Headquarters, in Front Royal, Virginia, where it is building a new U.S. manufacturing and assembly plant. To be completed in 2000, the plant is strategically located one mile from the Virginia Inland Port.