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Electricity sells Hyundai holding

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Electricity sells Hyundai holding

DaimlerChrysler has split with alliance partner Hyundai since it’s battered Asian strategy is constantly on the solve. The troubled vehicle maker presently holds a ten.5 percent stake within the Korean company, but has announced it intends to sell its shares, worth an believed £570m. The move comes just two days after DaimlerChrysler declined to bail out ailing partner Mitsubishi, that was seeking extra investment to secure its future. Reports claim that Hyundai was upset over DC’s intends to align itself having a Beijing-based company, although DC’s official line is it is ‘realigning its activities to higher reflect current business objectives.’

DaimlerChrysler and Hyundai will still interact with an individual project basis – ongoing the connection that started 4 years ago – however the move leaves Electricity having a single small plant in China since it’s sole Asian manufacturing presence.



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