| Hyundai, producer of quality Hyundai catalytic | | | | announced last Monday that it will cut down the prices |
| converter will unveil a fuel-cell electric concept vehicle | | | | of its three models namely the Elantra, EF Sonata and |
| at the 2007 Frankfurt Auto Show. This is in connection | | | | Accent. |
| with the company’s commitment to develop | | | | The price of the Elantra will go down by 14,000 to |
| eco-friendly mode of transportation. | | | | 15,000 yuan or around W1.74 million to W1.86 million. |
| This hydrogen-powered, zero-emission i-Blue fuel cell | | | | The EF Sonata will also go down by 16,000 yuan or |
| electric vehicle was created at Hyundai’s Design | | | | W2 million while the Accent will have a drop in price by |
| and Technical Center in Chiba, Japan and based on | | | | 5,000 to 8,100 yuan. After dropping out of China’s |
| Hyundai’s third-generation fuel-cell technology that is | | | | top ten sales ranking last May, Hyundai has tried to win |
| being developed at the company’s | | | | back consumers by offering incentive packages. And |
| Eco-Technology Research Institute in Korea. | | | | currently, it has decided to remove the incentives and |
| According to Hyundai, the introduction of the i-Blue | | | | replace them with discounts. |
| signals the big move towards the marketing of | | | | The incentives that were previously offered by |
| Hyundai fuel-cell vehicles. The past test vehicles were | | | | Hyundai Motor are equivalent to a seven or eight |
| built on SUV platforms but not the i-Blue which has its | | | | percent markdown while the price cuts range from |
| very own D-segment 2+2 crossover utility vehicle | | | | eight to fourteen percent. |
| body. | | | | Hyundai has been facing fierce competition in China |
| Dr. Hyun-Soon Lee, President of Hyundai Research | | | | with other automakers putting pressure on the Korean |
| and Development said as quoted by motoring.co.za: | | | | automaker to slash prices. And with other automakers, |
| "The i-Blue is the first Hyundai designed from the | | | | Hyundai is referring to Shanghai GM which has |
| ground up to incorporate fuel-cell technology. We have | | | | dropped its prices by 8.3 to 8.4 percent, FAW |
| achieved a more compact fuel-cell vehicle that still has | | | | Volkswagen which has cut prices by 6.2 to 6.3 |
| the safety, comfort, convenience, and driving range of | | | | percent, Shanghai Volkswagen by 10 to 11.1 percent |
| a conventional vehicle." | | | | and Dongfeng Nissan which has offered discount of |
| Hyundai also plans of mass producing | | | | 8.3 to 9.8 percent. |
| hydrogen-powered fuel-cell vehicles in the future. | | | | In order to become competitive Hyundai has also cut |
| In other news, this time on Hyundai’s subsidiary in | | | | its prices and now the company will have to workout |
| Beijing---Hyundai Motor’s Chinese joint venture has | | | | on how to improve its cost structure. |