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March 5, 2003

SWITZERLAND: European Hyundai plant decision still “some time away” – report

Hyundai chairman and CEO Dong Jim Kim asserted at the Geneva motor show this week: “We will belong to the top five global carmakers in this decade,” according to a report by The Car Connection (TCC) website.

By bcusack

Hyundai chairman and CEO Dong Jim Kim asserted at the Geneva motor show this week: “We will belong to the top five global carmakers in this decade,” according to a report by The Car Connection (TCC) website.

TCC cited Kim saying Hyundai is aiming for worldwide sales of 3.3 million vehicles this year with Europe a critical part of the growth plans.

According to TCC, Hyundai is [still] looking at the possibility of a European assembly plant, though he cautioned, “We are still some time away from that decision.”

TCC said that Hyundai European chief, Werner Frey, noted that the company still has a huge challenge ahead: “We know we still have to work on our brand image in Europe.”

TCC said Hyundai has been trying to build a following through its aggressive support of European football and noted that Hyundai and soccer officials jointly pulled the wraps off an updated version of the XG sedan.

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