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Hyundai Motor Company Moves to New Headquarters In Korea

29 December 2000

Hyundai Motor Company Moves to New Headquarters In Korea

    SEOUL, South Korea, Dec. 28 Hyundai Motor Company (HMC)
-- Korea's leading independent automaker -- officially opened its new
headquarters offices in the south of Seoul on December 27, 2000.
    The new 21-story building will house both HMC and Kia Motor Company,
delivering additional cost benefits to the merged manufacturers as well as
clearly indicating their role at the center of the Hyundai Motor Group which
was established as an independent operation this summer.
    Hyundai Motor Group had previously been located in the headquarters
building for the Hyundai Group.  With the spin off of Hyundai Motor Group as a
completely separate company in August, which ended its association with the
Hyundai Group, it was considered appropriate that the Motor Group establish a
fully separate headquarters.
    At the official opening of the building Hyundai Motor Group Chairman Mong
Koo Chung said:  "This move signifies the go-ahead and profitable character of
HMC and Kia and will bring together all our motor manufacturing operations
under one roof.  This will be our launch-pad to reach our ambition of joining
the world's top five automakers."
    The new office is in the Yangjae suburb of Seoul and will house 1,700 HMC
employees and 1,000 from Kia.  The building provides 82,500 square meters of
office space and an additional 22,440 square meters of ancillary space.  The
move into the new head office began in November and will be completed before
the end of January 2001.