For immediate release
3rd November 1998
Taikoo Asian Motors Ltd., a wholly-owned subsidiary of Taikoo Motors Group, has acquired the Hyundai distribution business in Hong Kong including assets, inventory and leases.
The transaction, with Korean International Motors Ltd., a subsidiary of the Hong Kong Parkview Group, took effect on 1st November 1998. As the new distributor, Taikoo Asian Motors will upgrade customer services by expanding the Hyundai service network in Hong Kong. It plans to add one more Hyundai workshop by the end of this year and open another one by the middle of next year, to operate a total of three workshops around Hong Kong. Plans are also afoot to open another Hyundai showroom next year to complement the existing one in Tsimshatsui.
In January 1999, the company will launch a new series of Hyundai products on the local market.
"We are glad to have expanded our portfolio with the addition of the Hyundai brand," said Shody Chow, Chief Executive of Taikoo Motors Group. "Hyundai has a strong range of vehicles at competitive prices and caters well to the Hong Kong market. Customers will also appreciate the enhanced and professional services that we will be providing."
Taikoo Motors Group is the distributor of Volvo cars in Hong Kong, Mainland China and Taiwan. It operates a strategic network of marketing and serviced facilities in these markets, and is committed to investing in its portfolio and upgrading services to maintain its position as a market leader.
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