New Hyundai Sports Coupe to be Unveiled in Detroit

Hyundais Export Sales Boom despite Downturn in Market

Hyundai Auto, the Korean brand that recently celebrated a much better than average score on J. D. Power and Associates 2003 Customer Retention Study at 54.3 percent, will unveil an all-new coupe at the North American International Auto Show (NAIAS) in Detroit this coming week.

The HCD8 is reportedly powered by an upgraded version of Hyundais 2.7-L V6 featuring a supercharger for dramatically enhanced performance

Hyundai Motor America states the new concept offers "stylish utility," but so far is not indicating if the HCD8 is in fact a replacement for the popular Tiburon.

The HCD8 sport coupe concept is the first of what the automaker plans will be many designs to originate from its new USD$30 million Hyundai Design Center in Irvine, California. The company has set up the U.S. based facility to focus on designs that will appeal more appreciably to North American consumers.

So far the current crop of Korean designs havent seemed to stymie the automaker, with most recent reports stating its export sales, making up 60 percent of Hyundais earnings, are on the increase while domestic sales are declining with 42 percent of South Koreas automobile market.

Hyundais sales gelled by 1.8 percent to $23.2 billion in 2003, while unit volume escalated by 7 percent over the same period to 1.98 million vehicles.

"Hyundai Motor recorded $10.5 billion worth of exports this year, up about 20 percent from last year, thanks to brisk sales of high-value vehicles," stated Hyundai Chief Executive Kim Dong-jin in his year-end speech.

While growth in China accounted for a large percentage of the increase, with 52,000 units sold in 2003 and a goal of 140,000 units next year, North American sales are brisk despite what has been a bleak year for most competitive brands.

Feeling bullish, Hyundai stated in an earlier report that it expects at least a 10 percent increase in exports for 2004, due in part to its plan of introducing three new models during the year.

To further entrench itself into the North American economy Hyundai is in the process of building a plant in Alabama, where it will produce its Sonata midsize sedan and Santa Fe SUV.