Hyundai Motor Co. Ltd. and Kia Motors Corp. are contemplating a spin-off of their minicar divisions due to shrinking sales in the face of competition from Daewoo Motor Co. Ltd. Daewoo currently has the top-selling minicar in the South Korean market, the Matiz, with unit sales of 60,253 units for 2001. By comparison, Hyundai’s Atoz sold 5,386 units and Kia’s Visto had unit sales of 16,501. A Hyundai official says a spin-off is necessary to cut costs and improve offerings.
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