Expanding its Automotive Business in the Latin America Region Sojitz Corporation has acquired a 34-per cent stake in Hyundai Motor Argentina, SA, which imports Hyundai cars in Argentina, for approximately $3 million.

Sojitz will participate in expanding Hyundai''s automobile business in the Latin America region.

Sojitz will not only provide Hyundai Motor Argentina with finished cars from the Hyundai Motor Company, but also aims at achieving annual domestic sales of about 4,000 cars by 2010 by enhancing marketing activities such as building the Hyundai Motor brand by unifying the image of dealers, conducting sales promotion campaigns and dealer management.

Hyundai Motor Argentina has a 29-dealer Argentinean network centered around its capital Buenos Aires, which handles 12 types of vehicle, including passenger cars such as the Atos, Accent and Sonata, sports utility vehicles (SUV) such as Santa Fe, and trucks. Approximately 1,000 cars were sold in 2006.

About 500,000 cars are sold annually in Argentina, which has become the biggest Latin America region market after Brazil and Mexico. Sojitz is engaged in the import and sale of Hyundai cars in Venezuela, Columbia, Chile and Peru, countries where Hyundai cars high market share. The number of Hyundai cars handled by Sojitz in 2006 totaled about 26,000.

Venezuela-based MMC Automotriz, S A, in which Sojitz holds a 92-per cent stake, conducts local assembly as well as importing finished Hyundai cars. With its eye on complementary transactions between Venezuela and Argentina, both of which countries are the members of Mercosur, Sojitz will pursue the establishment of an automobile business value chain and further expand its business in the Latin America region.