With only a few weeks before the not-so-awaited Tokyo Motor Show, South Korean vehicle manufacturer announced its intention to pull out of the auto show, according to the administrators of the motor show. Hyundai is the last major foreign car manufacturer to pull out of the show.
Toyokazu Ishida, who manages the show for the Japan Automobile Manufacturers Association, said that the company called in two weeks before to confirm their decision to pull out.
Hyundai's decision to quit the Show leaves only two minor foreign automobile manufacturers in the lineup: German boutique manufacturer Alpina Burkard Bovensiepen and British sports-car maker Lotus. The three giant manufacturers of Detroit (GM, Ford, and Chrysler) were the first ones to pull out.
The biennial motor show used to be the premier auto show in Asia. However, unlike the Frankfurt Motor Show, the Tokyo show was hard hit by the global crisis, which has forced international companies to cut some costs, especially since participating in such an exhibit can cost millions of dollars. For instance, Hyundai has already paid a non-refundable fee of ¥10.9 million ($122,000) for the 4,300-square-foot exhibit.
At least the Tokyo Motor Show is still going to push through. The UK motor industry and the Society of Motor Manufacturers and Traders (SMMT) have earlier taken on the difficult decision to cancel the British International Motor Show due to the economic downturn.
It isn't as if the Frankfurt Motor Show was not affected. Official reports also show that attendance to the 10-day exhibit declined by over 15 percent, from over a million during the previous year to around 850,000 this year. The number of exhibitors also declined by around 30 percent to 750 exhibitors.
The Tokyo Motor Show will be held for 12 days from October 24 to November 4.
For more information about the motor show, please refer to its official website.
'Hyundai drops out of Tokyo Motor Show 2009'
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