In-Vehicle Navigation Introduced in North America and Europe
As early as this year, NAVTEQ will provide maps for a variety of new Hyundai and Kia vehicle models in the United States, Canada, and Eastern and Western Europe. Critical to NAVTEQ's selection as preferred map provider, was an extensive series of tests conducted by Hyundai that confirmed the quality of NAVTEQ(R) map data. In order to deliver a map database of this quality, NAVTEQ efficiently accesses and integrates data from multiple sources. Additionally, a broad network of over 700 geographic analysts, strategically located around the world, drive the roads to verify and update information in the NAVTEQ database resulting in map data that is fresh, accurate, and detailed.
"We are looking forward to working with NAVTEQ as we begin integrating navigation into our newer vehicles," said W.C. Yang, Senior Executive Vice President Electronics, Hyundai-Kia Automotive Group. "NAVTEQ's high-quality map data met our strategic needs for one worldwide specification. Additionally, their unique marketing support programs and ability to work with MMS made them a natural selection."
"Demand for navigation systems continues to grow globally," said Jeff Mize, Senior Vice President, Vehicle, NAVTEQ. "As the preferred map supplier for Hyundai-Kia Motor Company, we are excited to collaborate with them on the successful introduction of this new system across North America and Europe to help ensure that many Hyundai and Kia drivers choose to enjoy the benefits of a navigation-equipped vehicle."
About Hyundai-Kia Automotive Group
Established in 1967, Hyundai Motor Co. has grown into the Hyundai-Kia Automotive Group which was ranked as the world's sixth largest automaker in 2006 and includes over two dozen auto-related subsidiaries and affiliates. Employing over 68,000 people worldwide, Hyundai Motor posted US$29.4 billion in sales in 2006 (on a non-consolidated basis, [US$68.4 billion consolidated]). Hyundai vehicles are sold in 193 countries through some 5000 dealerships and showrooms. Further information about Hyundai Motor Co. and its products is available at http://www.hyundai-motor.com. Kia Motors Corp. ( http://www.kia.com) -- one of the fastest growing automakers in the world -- was founded in 1944 and is Korea's oldest manufacturer of motor vehicles. Kia's 12 manufacturing and assembly operations in 8 countries produce more than 1.3 million vehicles a year that are sold and serviced through a network of distributors and dealers covering 165 countries. Kia today has over 33,000 employees and annual revenues of almost $19 billion. Kia Motors Corporation's brand slogan -- "The Power to Surprise" -- represents the company's global commitment to surpassing customer expectations through continuous automotive innovation
NAVTEQ is a leading provider of comprehensive digital map information for automotive navigation systems, mobile navigation devices, Internet-based mapping applications, and government and business solutions. NAVTEQ creates the digital maps and map content that power navigation and location-based services solutions around the world. The Chicago-based company was founded in 1985 and has over 3,000 employees located in 168 offices in 30 countries.
NAVTEQ is a trademark in the U.S. and other countries. (C) 2007 NAVTEQ. All rights reserved.
This document may include certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates" or words of similar meaning. The statements are based on our current beliefs or expectations and are inherently subject to various risks and uncertainties, including those set forth under "Item 1A. Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2006, as filed with the Securities and Exchange Commission. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market and regulatory factors. NAVTEQ does not undertake any obligation to update any forward-looking statements contained in this document.