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Hyundai Motor America Reports May 2009 Sales

| Tuesday, June 02, 2009

Hyundai Urges Quick Passage of Fleet Modernization Program

FOUNTAIN VALLEY, Calif., June 2 /PRNewswire/ -- Hyundai Motor America today announced sales of 36,937 vehicles in May, a nine percent increase over April and a 20 percent decline versus a record-setting May 2008.

"Record sales of our new Genesis and Elantra Touring models, and continued strength of core models like the Alabama-built Sonata and Santa Fe, lift our retail market share to its highest level of the year," said Dave Zuchowski, Hyundai Motor America vice president of national sales. "What's even more heartening for us is that May marks the fifth consecutive month of year-over-year monthly retail share gains, even as we've been steadily reducing our incentive spending."

While making its May sales announcement, Hyundai Chief Executive Officer John Krafcik commented on the pending Fleet Modernization program. "While Hyundai has fared better than most others over the last several months, we can't lose sight of the fact that U.S. auto industry sales are now forecast at the lowest levels in 26 years," Krafcik said. "It is imperative that the country move forward with the Fleet Modernization program. Our research shows that one in nine car buyers are delaying their purchases until the legislation is resolved.

"The longer this bill remains stuck in Congress, the greater the pressures placed on all aspects of the U.S. automotive industry - from suppliers to manufacturers to dealers. We urge Congress to move quickly so that American consumers can benefit from this bill during the peak summer buying season," said Krafcik.

More than half of all vehicles sold by Hyundai Motor America are manufactured in the United States at Hyundai Motor Manufacturing in Montgomery, AL. In total, Hyundai directly employs more than 5,000 people in the U.S., with facilities in 14 states across the country. Including its almost 800 dealers and suppliers, Hyundai has created more than 35,000 jobs in the United States.

As Hyundai's market share climbs, so too does the list of awards and accolades. The 2009 Hyundai Genesis is both North American Car of the Year and its V8 engine is on Ward's Auto World's "10 Best Engines" list. The Genesis also received a "Top Safety Pick" rating from the Insurance Institute for Highway Safety, along with Entourage, Santa Fe and Veracruz.

The Alabama-built 2009 Sonata was the highest ranked Premium Mid-Size Car in AutoPacific's 2009 Vehicle Satisfaction Awards, and the Genesis topped the Aspirational Luxury Car category. Hyundai has also increased its lead over the industry average in the J.D. Power and Associates 2009 Vehicle Dependability Study(SM) (VDS).

All new Hyundai vehicles sold in the U.S. are covered by America's Best Warranty. In addition, the Hyundai Assurance Program is now offered on all new Hyundai's leased or purchased at a participating Hyundai dealership. Hyundai Assurance provides protection from certain income-changing life events, allowing consumers to return their vehicles in the first year of ownership without impacting their credit histories, while covering vehicle depreciation (negative equity) up to $7,500.

Hyundai Motor America, headquartered in Fountain Valley, Calif., is a subsidiary of Hyundai Motor Co. of Korea. Hyundai vehicles are distributed throughout the United States by Hyundai Motor America and are sold and serviced by more than 780 dealerships nationwide.

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Reality Check: Auto component exports may skid

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NEW DELHI: The bankruptcyfiling by General Motors , the world’s largest carmaker till last year, may hit Indian auto component exports and lead

to surplus capacity and payment delays in the domestic market , say industry experts. GM accounts for a significant chunk of $900 million worth of auto components India exports to US every year.

The exact extent of loss of orders for Indian component makers could not be ascertained. Some component makers said they had cut exposure to GM in the previous months as its bankruptcy became imminent. “As part of its restructuring GM will close 11-12 plants and phase out some models. If a component maker is supplying auto parts to that model or plant, then it would be definitely impacted ,” said Surinder Kapur, chairman and MD of parts maker Sona Group, which sells about 3% of its overall export to GM in the US.

Agreed Shriram Pistons managing director AK Taneja: “The component industry is already facing the a surplus capacity and GM’s restructuring could add to that burden.” Several Indian component makers had insured themselves against loss of orders and delayed payment on account of the US automaker’s bankruptcy.

But many were not able to get insurance cover. Auto Component Makers Association (ACMA) secretary-general Vishnu Mathur said the companies who have not got the insurance cover might face delayed payments. Though some manufacturers such as Rico Auto, which gets 2.5% of its overall export revenues from GM, said they haven’t faced any payment delays yet. Meanwhile, GM India in a press statement clarified that it would continue to operate in the country even as its parent filed for bankruptcy.

GM said it would go ahead with its plan to launch new cars including the mid-size sedan Cruze, a new mini-car (code M300) and an array of alternative fuels cars. Kolkata-based GM India dealer Dulli Chand Motors’ owner Rajesh Sanci said the news has ended several months of uncertainty in the market . “GM has made it clear that its Indian subsidiary is separate from the US and Canadian operations. While customers were a bit wary initially, but there has been no real impact on our retail sales as our average monthly sales of 80-90 cars remains intact.”

Impact minimal, says Sundram

WHEN reports of General Motors filing for bankruptcy trickled in, it deepened the worries of Indian auto-component makers, who were already coping with low demand in the domestic market, reports ET NOW. But TVS group company Sundram Fasteners, which has been supplying radiator caps to GM for the last fifteen years is not worried as it has gradually reduced exposure to the carmaker over the years, a top official said.

“Last year, of our total sales of Rs 1,260 crore, GM contributed Rs 11 crore. At one point, the supply was huge but now it’s less than 1% of revenues. We have diversified our exposure over the years,” Sundram Fasteners chairman and managing director Suresh Krishna said.

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India manufacturing gains strength; PMI rises to 55.7

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The performance of the India manufacturing economy improved further during May, building on the growth seen in April. The domestic market was the main driver of expansion, as foreign demand for Indian manufactures remained weak. A second straight month of output and new order growth led companies to hold off from further workforce rationalization. However, competitive pressures continued to restrain the pricing power of manufacturers. Despite accelerated input price inflation, firms cut their tariffs for the seventh month running.

The headline Markit Purchasing Managers’ Index (PMI) rose for the fifth successive month in May to 55.7. It was the highest reading since last September and indicated a marked improvement in the health of India’s manufacturing industry.

Production at Indian manufacturing plants rose at a strong pace during the latest survey period, mirroring a similarly steep increase in incoming new business. However, demand was focused on the home market as new work from abroad was largely unchanged since the previous month. Panel members cited improved (domestic) economic conditions and demand, new product launches, promotional activities and good quality service as the primary reasons for the expansions in output and new work.

Increased workloads led to a build-up of unfinished business during May. It was the fastest increase in outstanding orders since last September. However, the rate of growth was only slight.

With incoming new work and production rising since April, as well as an accumulation of backlogs, Indian manufacturers generally maintained their staffing numbers. Marginal growth in May ended a five-month period of retrenchment.

Buying activity and stock levels at Indian manufacturers were raised in May to accommodate greater demand for their products. Purchasing activity and pre-production stocks increased sharply over the month, and at the fastest rates for nine and 16 months, respectively. Meanwhile, growth of post-production inventories slowed, partly as a consequence of greater-than-anticipated sales levels.

Average lead times for input deliveries were unchanged during May. Where longer delivery times were reported, they were frequently attributed to higher demand for raw materials and short supplies of certain commodities. Where improved vendor performance was noted, more efficient order processing and the better availability of transport were mentioned.

Purchasing costs in India’s manufacturing sector rose for the second consecutive month, and at an accelerated pace in May. This was commonly linked to higher demand for raw materials. However, strong competition prevented firms from passing on their greater cost burdens to customers. Charges were reduced further, albeit at the weakest rate in the current seven-month period of decline.

Commenting on the latest survey findings, Gemma Wallace, economist at Markit, said: “Rising for a second straight month in May, the headline PMI indicates that India’s manufacturing economy is gaining strength, after a five-month period of weakness. Data show that the sector is currently being carried by robust domestic demand, as export sales continued to fall. Nevertheless, this alone was enough to boost manufacturers’ confidence; inventories were built up for the second month running, whilst workers were hired for the first time since last October. There is also evidence of mounting inflationary pressures within the sector. Demand for raw materials contributed to an increase in input costs over the month, although inflation also reflected speculation on commodities markets. While intense competition remained a bind on manufacturers’ pricing power in May, the latest cut in charges was only fractional. If competitive pressures are mitigated by further improvements in demand going forward, it will most likely result in output prices rising.”

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JewelleryNetAsia to Exhibit at JCK Las Vegas Show

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HONG KONG, June 1 /PRNewswire-Asia/ -- JewelleryNetAsia ( http://www.jewellerynetasia.com ), the leading portal for the jewellery industry in Asia will be exhibiting at the JCK Las Vegas Show at booth Nr. L40. JewelleryNetAsia is sharing a booth with the leading publication Jewellery News Asia ( http://www.jewellerynewsasia.com ).

It is the first time for JewelleryNetAsia to be represented at an exhibition in the USA: "For a successful online trade portal such as JewelleryNetAsia it seems obsolete to take part at trade shows, but presence at leading events such as this one or the Hong Kong Jewellery & Gems Fair definitely helps us to establish additional contacts and to feel the pulse of the industry in the real world," said Jerome Hainz, responsible manager for the development of the portal.

Jewellery retailers, traders and manufacturers are invited to search products and business partners in Asia from JewelleryNetAsia's extensive database online. Also first hand information on leading print publications and events in Asia will be available.

JewelleryNetAsia manager Janice Wong will be at hand onsite from May 30 to June 3 at booth Nr.L40 to take questions and to demonstrate the wealth of opportunities that JewelleryNetAsia can generate for doing business with Asia.

Notes to Editor:

About JewelleryNetAsia.com

Established in 2001, JewelleryNetAsia.com is Asia's prime trade portal for the jewellery and gem industries.

It provides a round-the-clock marketing and sourcing platform that caters for global suppliers and buyers. Members of the jewellery trade will benefit from the enriched directory of more than 2,400 leading suppliers worldwide, with many thousands of new quality products and designs, illustrated with photos. Exhibition visitors can conveniently plan their visit and on-site schedule ahead of our exhibitions with the on-line pre-fair appointment system and pre-registration service at JewelleryNetAsia.com . There is also the latest industry news posted everyday, as well as news archives contributed by Jewellery News Asia, the leading jewellery trade publication in the region. JewelleryNetAsia.com is a UBM Asia B2B portal. Owned by United Business Media plc ( http://www.unitedbusinessmedia.com ), UBM Asia organises over 110 trade fairs in 13 market sectors each year, and provides high-quality business information through 22 trade publications and associated B2B websites. With its headquarters in Hong Kong, UBM Asia has over 600 staff in 14 major cities in Asia and the USA.

The Jewellery Group of UBM Asia organises Asia's biggest jewellery fair, the September Hong Kong Jewellery & Watch Fair, one of the top three fine jewellery trade events in the world, and the June Hong Kong Jewellery & Watch Fair, which is Asia's biggest mid-year international jewellery fair. In addition, both events are held concurrently with the June and September editions of Asia's Fashion Jewellery & Accessories Fair. In mainland China, UBM Asia organises the China International Gold, Jewellery and Gem Fair in Shenzhen, Guangzhou and Shanghai in March, June and November respectively. In Japan, UBM organises the annual Japan Jewellery Fair held in Tokyo.

UBM Asia's flagship magazine, Jewellery News Asia is Asia's leading jewellery trade publication. Valued for its high-quality news coverage, Jewellery News Asia is widely read by trade professionals worldwide. For the jewellery industry in Greater China, UBM Asia publishes a Chinese edition of Jewellery News Asia and China Calendar. Other publications include Silver Styles, Asia's Fashion Jewellery & Accessories Review, Jewellery and Gemstone Directory of Hong Kong, Equipment & Supplies Directory for Asia's Jewellery Industry, and Jewellery News Asia's Trade Fair and Conference Guide. In Japan, UBM publishes Four Seasons of Jewellery, one of Japan's most established trade magazines, respected for its focus on design and fashion trends.

Apart from JewelleryNetAsia.com, UBM Asia also owns http://www.AsiaFJA.com , Asia's leading on-line trading network for fashion jewellery and accessories trades.

For enquiries, please contact:

Jerome Hainz
Manager eBusiness, UBM Asia
Tel: +852-2585-6129
Fax: +852-3749-7342
Email: jeromehainz@cmpasia.com

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