Hyundai Motor launches new model

Hyundai Motor invested 195.9 billion Korean won (US$213 million; EUR155 million) over almost two years to develop and place the new car on the market, the company said in a statement.

Photo: Hyundai Motor launches new model

The world's sixth-largest carmaker by sales said it plans to sell 6,000 units of the i30 domestically this year and export 72,000 units, with sales to start in August.

From 2008, Hyundai will 20,000 i30 cars domestically and ship 240,000 overseas, including 100,000 to be sent to Europe, the company said.

"With this new stylish hatchback, we will try to gain a foothold in the European market by attracting young European customers," Hyundai Motor President Choi Jae-kook said in the statement.

Hyundai Motor posted record monthly sales in the U.S. in June, selling 49,368 units, or about 3.4 percent of the world's largest automobile market, said Ki Jin-ho, a company spokesman.

Shares in Hyundai Motor fell 0.5 percent Thursday to 75,100 won.