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Hyundai close to joint venture deal with Daimlerchrysler
South Korea`s leading Hyundai Motor Co. said on Monday it is close to striking a joint venture deal with Daimlerchrysler AG and Mitsubishi Motors Corp. To develop new engines.
South Korea's leading Hyundai Motor Co. said on Monday it is close to striking a joint venture deal with Daimlerchrysler AG and Mitsubishi Motors Corp. To develop new engines.
We are negotiating to set up a venture to develop 1.8-2.4 litre passenger car engines with Mitsubishi and Daimlerchrysler, a Hyundai spokesman said, adding the three companies would use the same engines for their cars. “We expect to conclude talks by the end of the month,” He added.
The project will be the first involving the three capital-linked automakers. The German-US carmaker Daimlerchrysler has a stake in both Japan's Mitsubishi Motors and Hyundai Motor.
Japan's Nihon Keizai Shimbun paper reported last week that the three automakers plan to begin manufacturing the engines, based on Hyundai's latest models, in 2005 in the United States. The three are targeting an annual output of about 500,000 units, it said, adding they are to produce the new engines at a Daimlerchrysler division plant or to build a new factory.
The project could develop into a comprehensive alliance that also encompasses commercial vehicles, the paper said.
Hyundai, which controls more than 70 percent of South Korea's Car market, is building a new assembly plant in Alabama in the United States where Daimlerchrysler has a plant.
Bureau Report
We are negotiating to set up a venture to develop 1.8-2.4 litre passenger car engines with Mitsubishi and Daimlerchrysler, a Hyundai spokesman said, adding the three companies would use the same engines for their cars. “We expect to conclude talks by the end of the month,” He added.
The project will be the first involving the three capital-linked automakers. The German-US carmaker Daimlerchrysler has a stake in both Japan's Mitsubishi Motors and Hyundai Motor.
Japan's Nihon Keizai Shimbun paper reported last week that the three automakers plan to begin manufacturing the engines, based on Hyundai's latest models, in 2005 in the United States. The three are targeting an annual output of about 500,000 units, it said, adding they are to produce the new engines at a Daimlerchrysler division plant or to build a new factory.
The project could develop into a comprehensive alliance that also encompasses commercial vehicles, the paper said.
Hyundai, which controls more than 70 percent of South Korea's Car market, is building a new assembly plant in Alabama in the United States where Daimlerchrysler has a plant.
Bureau Report