Hyundai Mighty with Allison Fully Automatic Transmissions Sells More Than 1,000 Units in Six Months
Hyundai Mighty truck is gaining customers’ trust due to its outstanding fuel economy, productivity and performance.
SEOUL, South Korea, February 2021 – Allison Transmission Korea announced that more than 1,000 of Hyundai Motor Company’s Mighty trucks equipped with the Allison 1000 xFE™ fully automatic transmission have been sold since
its launch in June 2020.
Hyundai Mighty is a 2.5- and 3.5-ton light-duty truck, which has unrivaled market share in South Korea. Hyundai Mighty trucks with Allison fully automatic transmissions provide better driving convenience, fuel economy, reliability and productivity than
the manual transmission equipped Mighty trucks.
To celebrate the successful launch, Allison Transmission held an event with the owner of the 1,000th Hyundai Mighty equipped with the 1000 xFE™ fully automatic transmission. Gyung-Jae Joo, who lives in Hwaseong, Gyeonggi Province, was the 1000th
customer to purchase a Hyundai Might with an Allison fully automatic transmission. He received his Mighty truck in December 2020 from Gold Van, a company specializing in shipping fresh food and food materials to Seoul and Gyeonggi Province..
"I’ve recently changed my job to a pick-up and delivery business. A friend of mine in the distribution industry recommended Allison Transmission, so I chose a Mighty truck equipped with the fully automatic transmission,” said Gyung-Jae Joo
“I usually drive for more than 12 hours a day from 6 a.m. to 5 p.m., and I am very satisfied with Allison Automatics because I do not need to manually shift the gears. Also, I believe that it provides excellent safety because I only have to
pay attention to the traffic flow ahead. I didn’t feel much pressure by the price of the fully automatic transmission options in Mighty because they were around KRW 3 million. I'm very satisfied with the fuel efficiency and the low cost of maintenance
of this vehicle as only Allison approved fluid needs to be replaced periodically."
"Hyundai Mighty trucks equipped with Allison fully automatic transmissions have been on a steep sales growth since its mass production in June 2020. This is the result of a fully automatic transmission entering the light-duty truck segment and thereby
satisfying the needs of customers who wanted an automatic light duty truck," said Kyoungmee Lee, Regional Director of Allison Transmission Korea. "Hyundai Mighty trucks have always enjoyed a high level of customer trust. Together with Allison Automatics,
Hyundai brings to the South Korean market trucks that are backed by more than 100 year old company steeped in reliability and durability."
Feb 24, 2021
About Allison Transmission
Allison Transmission (NYSE: ALSN) is the world’s largest manufacturer of fully automatic transmissions for medium- and heavy-duty commercial vehicles and is a leader in electric hybrid-propulsion systems for city buses. Allison transmissions are used in a variety of applications including refuse, construction, fire, distribution, bus, motorhomes, defense and energy. Founded in 1915, the company is headquartered in Indianapolis, Indiana, USA and employs approximately 2,900 people worldwide. With a market presence in more than 80 countries, Allison has regional headquarters in the Netherlands, China and Brazil with manufacturing facilities in the U.S., Hungary and India. Allison also has approximately 1,400 independent distributor and dealer locations worldwide. For more information, visit allisontransmission.com.
This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are forward-looking statements, including all statements regarding future financial results. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plans," "project," "anticipate," "believe," "estimate," "predict," "intend," "forecast," "could," "potential," "continue" or the negative of these terms or other similar terms or phrases. Forward-looking statements are not guarantees of future performance and involve known and unknown risks. Factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made include, but are not limited to: risks related to our substantial indebtedness; uncertainty in the global regulatory and business environments in which we operate; our participation in markets that are competitive; the highly cyclical industries in which certain of our end users operate; the failure of markets outside North America to increase adoption of fully-automatic transmissions; the concentration of our net sales in our top five customers and the loss of any one of these; future reductions or changes in government subsidies for hybrid vehicles and other external factors impacting demand; U.S. defense spending; general economic and industry conditions; the discovery of defects in our products, resulting in delays in new model launches, recall campaigns and/or increased warranty costs and reduction in future sales or damage to our brand and reputation; our ability to prepare for, respond to and successfully achieve our objectives relating to technological and market developments and changing customer needs; risks associated with our international operations; labor strikes, work stoppages or similar labor disputes, which could significantly disrupt our operations or those of our principal customers; our intention to pay dividends and repurchase shares of our common stock; and other risks and uncertainties associated with our business described in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All information is as of the date of this press release, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in expectations.
SOURCE Allison Transmission Holdings Inc.