Hyundai Motor Co said on Wednesday it plans to offer XM Satellite Radio as standard equipment on all US models around 2007, sending XM's share price up almost 4 percent. Hyundai said it plans to put XM radios in 75 percent of its vehicles by the end of 2006, with remaining models following quickly and totalling 500,000 units by 2007. The installation of satellite radios in new cars is a key growth area for the nascent satellite radio industry, which comprises XM and smaller rival Sirius Satellite Radio Inc.
XM shares were up $1.05 at $29.09 in early trade on the Inet electronic network, compared with their Tuesday close of $28.04 on Nasdaq. Also on Inet, Sirius shares rose 10 cents, or almost 2 percent, to $5.38 from their Tuesday Nasdaq close of $5.28.