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November 14, 2002
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This Week:

• Ford MA Concept Unveiled At J Mays Museum Exhibit Opening

• 10th Anniversary for the BMW Group in Spartanburg 

• Toyota Announces Plan To Coordinate The Development Of California Hydrogen Fuel-Cell Vehicle "Community"

• World Premiere For The New Lacetti At The 2002 Seoul Motor Show

• Ford Names Padilla, Thursfield Executive Vice Presidents

• Daimler Hyundai Truck Corporation Achieves Important Milestone

• Aston Martin Jaguar Land Rover Adds A Fourth Regional Office In Chicago

• MINI voted best Import Car 2002-2003 in Japan

• General Motors Powertrain Saginaw Metal Casting Operations Awarded Precision Sand Project

• Valeo's Bending Light system provides superior levels of comfort to Porsche Cayenne drivers

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Daimler Hyundai Truck Corporation Achieves Important Milestone

• Ground breaking for engine plant in Chonju, South Korea

• Plant to manufacture and assemble state-of-the-art commercial vehicle engines mid 2004

• Important milestone in developing the commercial vehicle alliance between DaimlerChrysler AG and Hyundai Motor Company

• Access to third largest Asian market

Stuttgart/Chonju - DaimlerChrysler AG and Hyundai Motor Company reached an important milestone in their commercial vehicles alliance today with a ground breaking ceremony for the construction of a state-of-the-art engine plant in Chonju, South Korea, adjacent to Hyundai's modern commercial vehicles facility.

In attendance to mark the occasion were President D.J. Kim of Hyundai Motor Company, Dr. Eckhard Cordes, member of the DaimlerChrysler Board of Management, responsible for Commercial Vehicles Division as well as Rüdiger Grube, member of the DaimlerChrysler Board of Management, responsible for Corporate Development, as well as approximately 300 invited guests. The two companies initially announced their intention to found an engine joint venture to manufacture the Mercedes-Benz 900 series commercial vehicles engines in the summer of 2001.

By mid 2004 the joint venture company called Daimler Hyundai Truck Corporation will manufacture and assemble the high tech commercial vehicle engines for medium duty trucks and buses. These engines which comply with Euro 3 environmental standards required by South Korean regulations as of the year 2004 onwards, will be fitted to Hyundai branded trucks and buses. Cordes stated that he was proud to see the fruitful partnership between the two companies become a reality - particularly under such a demanding time frame.

For DaimlerChrysler and Hyundai Motor, the engine joint venture is another important step within their strategic partnership comprising activities in commercial vehicles as well as on the passenger car side and within procurement.

In the commercial vehicle segment both automakers are planning a comprehensive joint venture for commercial vehicles, which will include the entire product range of Hyundai vehicles above 3.5t gvw. Currently, teams from both companies are preparing the ground work for the new joint venture with the operational start of joint business activities planned for the first quarter of 2003.

Under the commercial vehicle joint venture DaimlerChrysler's Commercial Vehicles Division will acquire direct access to the expanding Korean market which is also the third largest Asian commercial vehicles sector. In return Hyundai will gain access to state-of-the-art technology for its commercial vehicles, thereby enhancing the potential for future growth in the export and volume markets worldwide.

(Nov 14, 2002)