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March 8, 2000
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The Koreas

Hyundai Motor seeks alliance with global auto maker

SEOUL - Hyundai Motor said Tuesday that it is pushing to form a strategic alliance with a leading global auto maker.

In a strategy meeting, Hyundai Chairman Chung Mong-koo said, ''The strategic alliance is being promoted under the aim of becoming one of the world's five auto makers.''

Hyundai declined to disclose details about the alliance, including the name of its prospective partner.

A Hyundai official said the partner will be chosen from General Motors, Ford, DaimlerChrysler, Toyota and Volkswagen.

''A synergy effect is coming from the merger with Kia and global cooperation is indispensable to advance into the ranks of the top five auto makers,'' he said.

Last year, Hyundai and Kia Motors combined ranked eighth in auto production worldwide with 2.85 million cars.

The alliance ranges across technical tie-ups in specific sectors, production of mutually-beneficial items and original equipment manufacturing (OEM) supply for the joint development of electric fuel cells.

Special focus will go to state-of-the-art electric fuel cells, which Hyundai hopes will make the company play a leading role in restructuring the world auto industry.

(Asia Pulse/Yonap)

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