DaimlerChrysler Sells Stake In Hyundai

Jan. 13, 2005
By Agence France-Presse German-U.S. automaker DaimlerChrysler AG said Aug. 16 that it has sold all of its 10.5% stake in South Korean car manufacturer Hyundai Motor Co. for over $900 million. "I can confirm the sale. We've generated proceeds of more ...
By Agence France-Presse German-U.S. automaker DaimlerChrysler AG said Aug. 16 that it has sold all of its 10.5% stake in South Korean car manufacturer Hyundai Motor Co. for over $900 million. "I can confirm the sale. We've generated proceeds of more than $900 million from the sale, and we've booked a gain of $472 million from the transaction," a company spokesman said. "But what is important is that the cooperation projects continue between our companies." DaimlerChrysler said earlier this month that it plans to launch a new sales offensive in China, the world's fastest growing producer of cars, to try to help salvage its Asian strategy. The company's plans were first called into question in April when it decided to pull the plug on further financing for its Japanese partner Mitsubishi Motors Corp., which is posting heavy losses. The move, which came as a surprise, was widely interpreted as a setback for DaimlerChrysler's ambitious international expansion campaign. Then, barely three weeks later, the German-U.S. concern announced it was ending its fraught alliance with Hyundai. Copyright Agence France-Presse, 2004

Popular Sponsored Recommendations

Food and Beverage 2024 Trends and Outlook for North America

Oct. 29, 2023
Ready to hear what 200 of your peers said are the top challenges and opportunities in 2024? Don’t fall behind. Uncover actionable insights to better prepare for 2024 in this whitepaper...

State of Sales Report

Sept. 12, 2023
Discover the latest insights driving productivity and efficiency for more than 7,700 sales leaders and professionals.

How to Build Zero-Cost On-Site Solar and Storage Projects

Nov. 25, 2023
The Inflation Reduction Act offers tax credits, incentives, and financing that enable no-cost projects. In Enel’s eBook, discover the critical role that incentives play in your...

Smarter Savings for Manufacturers - Guide

Sept. 11, 2023
Boost your manufacturing sales and revenue while reducing costs. Learn how one platform can help your business be more agile and productive in today's market.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!