May 12, 2004
DaimlerChrysler to sell its 10.5% stake in Hyundai
Stuttgart/Seoul – DaimlerChrysler has decided to sell its 10.5 % stake in Hyundai Motor Company. In addition, Hyundai Motor will acquire DaimlerChrysler’s 50% stake in Daimler Hyundai Truck Corporation, an existing commercial vehicle engine joint venture in Korea.
The so-called “world engine project” will not be scrapped. The joint development and manufacture of a family of four cylinder gasoline engines between DaimlerChrysler, Hyundai Motor and Mitsubishi Motors Corporation will proceed.
Dr. Eckhard Cordes, Member of the DaimlerChrysler Board of Management and Head of Commercial Vehicles Division commented, “In light of these developments, DaimlerChrysler and Hyundai Motor have agreed to primarily focus on a collaborative relationship on a per-project basis in the future.”
Commenting on the agreement, Vice Chairman Kim, Dong Jin of Hyundai Motor said, “We have been partners with DaimlerChrysler for nearly four years now and believe that the realignment of the strategic alliance is an important step forward to better position both companies to capitalize on opportunities in the changed market environment now facing us.”