Korean auto-maker Hyundai is set to slash its domestic advertising budget for this year, pouring more money into export markets.

Hyundai plans to reduce its domestic advertising budget by 30 percent for the year 2001 but will boost its spending in overseas markets.

A Hyundai official said that while the company has numerous new models, it will not conduct neither large-scale ad campaigns nor costly promotional events.

Subsidiary Kia Motors will also cut domestic advertising spending by over 50% - due mostly to the fact that the Korean market is expected to slow down in 2001 - which will force the group to rely more heavily upon exports.