Hyundai has signed a US$520m deal to export buses and trucks to Algeria, according to Reuters.
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This is the biggest ever commercial vehicle export sale for the Korean automaker and will help strengthen its position in North Africa.
The deal requires 26,500 commercial vehicles to be sold to Hyundai Motor Algeria by 2008.
“We will aggressively seek to open new markets in the North African countries, including Libya and Egypt, where demand for commercial vehicles is growing,” Hyundai said.
Hyundai is aiming for a 31% share of the Algerian commercial vehicle market by 2008, up from 17% in 2005, when it sold 4,533 trucks and buses.
Hyundai is forecasting the Algerian market for vehicles with a loading capacity of over 2.5 tonnes to reach 38,000 units by 2008, up from 26,500 in 2005.
