Hyundai Motor Co. Ltd. signs a contract with Doninvest of Russia, involving assembly of some 70,000 units of the Accent over a 5-year period.

The cars will be shipped as complete-knocked-down kits for assembly at the Doninvest plant in TagAz. They will carry the Russian label “Verna.”

Hyundai expects to ship 3,500 units this year and 8,000 in 2002, with the remaining 58,000 shipped over a 3-year period through 2005.

“Hyundai fully intends to become the No.1 foreign car company in Russia within the next two years,” a Hyundai spokesman says. “We'll ship other models after studying how the Verna sells.” Doninvest has a network of 70 dealerships.

The deal was signed during the Moscow International Motor Show in August, where Hyundai exhibited the Accent, the Santa Fe and Terracan sport/utility vehicles, midsize EF Sonata and Matrix concept multi-purpose vehicle.