RIYADH, 27 March 2007 — Hyundai Motor Co. (HMC) will target the luxury and medium segments of the Saudi automobile market through Azera and a new luxury model, Veracruz, this year, J.K.Choi, president of HMC, disclosed at a press conference yesterday.
He said the decision to introduce new models at the high-end reflects the growing market for their vehicles in the Kingdom and also the economic boom in the Gulf states.
Choi and Executive Vice President J.E. Kim, as well as other senior officials, were in the capital recently as members of South Korean President’s 200-member delegation. He left for Seoul at the end of his two-day visit. The press conference was also attended by Sa’ad Al-Wallan, chairman of the Wallan Group, distributor of Hyundai in the Central Province, and Mishari Al-Wallan, president of the group.
Kim said Hyundai had sold over 40,000 units in the Kingdom in 2006, up by 11.3 percent over the previous year. The target for this year is to sell more than 60,000 units. Overall, the global sales stood at 2.5 million units, registering a 15 percent growth.
He pointed out that while maintaining their share of the existing entry-level vehicles (Accent and Elantra), Hyundai was now focusing on medium- and high-segment vehicles-Sonata, Azera and sports utility vehicles like Santa Fe and Vercruz.
He further said that in addition to the medium-segment Sonata and Azera which are already well-established in the market, HMC will be launching this July the 4x4 Veracruz, which comes with a six-cylinder, 3800cc gasoline engine. The seven-seater luxury vehicle is equipped with all advanced features, besides an optional navigational system. The price ranges from SR90,000 to SR120,000.
Kim said Sonata now has an upgraded 3300cc version, while Azera was equipped with a 3.3 V6 engine, to ensure a top speed of 237 km per hour, with acceleration from 0-100 in 7.8 seconds. The cost ranges from SR75,000 to SR95,000. These power-packed vehicles were designed to meet their customers’ needs, especially in the medium and luxury segments.
In terms of quality control, he said Hyundai ranks third in terms of IQS, demonstrating their concern for safety and engineering excellence. Apart from quality, they also paid great attention to design to meet the exacting demands of customers.
Al-Wallan said they were exploring the possibility of setting up a technical training institute in collaboration with HMC and the General Organization for Technical Education and Vocational Training (GOTEVOT). The proposed institute will train Saudis in the repair and maintenance of Hyundai vehicles. The talks were still in an exploratory stage.