Hyundai, Daimler to tie up

Hyundai, Daimler to tie up

SEOUL (AFP): Hyundai Motor Co. and DaimlerChrysler are to set up a joint commercial vehicles plant in South Korea, Hyundai chairman Chung Mong-Koo said in a newspaper interview released Friday.

Chung told the Korea Economic Daily that DaimlerChrysler has completed a due diligence investigation into Hyundai's existing commercial vehicle plant in the southwestern city of Chonju and that a formal agreement on the joint venture would be signed in April.

He said the two companies would each hold 50 percent of the joint venture, which is to be tentatively named Hyundai Star Commercial Alliance.