Hyundai Motor Committed to World Rally Championship

Seoul, Korea 17. 9. 2003 (ots/APROTEXT) - * Determined to participate in remaining 2003 WRC events * Temporarily withdraw for 2004~05 seasons * Base new reorganized WRC team in Rüsselsheim, Germany * Return to WRC in 2006 with all-new chassis and powertrain In the wake of a contract dispute with MSD, the MiltonKeyenes, UK-based company appointed by Hyundai Motor Co. to runits World Rally Championship program, the management of HyundaiMotor reaffirm the company's determination and commitment tocompete in all four events remaining in the 2003 WRC season.

"MSD has failed to provide us with audited financial recordswhich we are legally entitled to review," said B.H. Lee, HMC'sdirector of overseas marketing and promotion. "Until we can geta true picture of the state of their finances, we have no choicebut to withhold further payment," explained Lee.

"We'd like to resolve this issue immediately so we can focuson competing in the four rallies left on the 2003 WRC calendar,"added Lee.

Following the conclusion of the 2003 WRC season, Hyundai willpull out of the 2004 and 2005 seasons to concentrate on thedevelopment of a new powertrain and car in preparation for acomeback in later half of the 2006 season and the return to afull season of rallying in 2007.

Hyundai has drawn up a new mid- and long-term motorsportdevelopment program that will see an extensive reorganization ofthe program details of which will be announced later this year.

"Withdrawing is a painful decision but also a realisticadmission that a break is absolutely mandatory for us toreorganize and rethink our entire approach to motorsport. Butwe'll be back in 2006 in fighting form with a completely newengine and car to mount a more credible challenge for the WRCcrown," he added.

"Without winning we can never achieve the performancedimension we hope to add to the Hyundai brand," explained Lee."And to win, we need to raise the stakes and recruit the besttalent."

As part of the reorganization, the company will set up a newWorld Rally Team Headquarters at the company's Euro$50 millionDesign and Technical Center in Rüsselsheim, Germany and willbegin aggressive recruitment of top talent to fortify the team'sengineering capabilities.

"We see motorsport as an integral part of our marketing plansto reach our goal of becoming one of the top five automakers inthe world by 2010," said Lee.

ots Original Text Service: Hyundai Motor Europe GmbHInternet: http://www.presseportal.de

Further information Ralf C. Kaiser European Communications

Hyundai Motor Europe GmbH Marie-Curie-Strasse 2 D-65428Rüsselsheim, Germany

T : +49 6142 7899 361 F : +49 6142 7899 300 rckaiser@hyundai-europe.com

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