Hyundai revises price of Accent GVS

Company release, April 20, 2004

New Delhi

Hyundai Motor India has increased the price of Accent GVS, Hyundai's most popular sedan by about 2 per cent with immediate effect. The revised ex-showroom Delhi price of Accent GVS, is Rs. 582,000. Hyundai Motor India would also be increasing the price of other variants of Accent in the due course.

HMI, India's second largest car manufacturer has invested $ 220 mn at its manufacturing facility near Chennai with an aim to expand production capacity to 250,000 units by the third quarter of the year 2004 in order to meet the surge in domestic and export demand.

About HMIL:

Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary of Hyundai Motor Company, S. Korea and is the second largest and the fastest growing car manufacturer in India. HMIL presently markets over 18 variants of passenger cars across four models, the Santro in the B segment, the Accent in the C segment, the Sonata in the E segment and the Terracan in the SUV segment.

HMIL's fully integrated state-of-the-art manufacturing plant near Chennai boasts some of the most advanced production, quality and testing capabilities in the country. The company has invested an additional US$ 220 Mn to expand capacity at this plant to 250,000 units a year in line with its recent designation as HMC's global export hub for small cars and to cater to its upcoming product launches India.

HMIL has sold over 500,000 cars in a record time of just over 5 years since commencement of commercial production in September 1998 and is all set to emerge as one of the largest exporters of passenger cars and components out of India. HMIL was recently awarded the benchmark ISO 14001 certification for its sustainable environment management practices.

About HMC:

Hyundai Motor India Limited is a wholly owned subsidiary of the Hyundai Motor Company (HMC), Korea, a part of the Hyundai Motor Group comprising Hyundai Motor Company, Kia Motors, Hyundai Mobis and other affiliated companies, with a combined turnover of over US$ 50 Billion. The Hyundai Motor Group with a presence in 185 countries and combined annual sales of over 3 million units is one of the fastest growing auto manufacturers in the world.

For further information please contact:

Divya Dwivedi

Hyundai Motor India Ltd.

A-30, Mohan Co-operative Industrial Area

Mathura Road

New Delhi - 110 044

Tel: 011 - 51678800