Hyundai - DaimlerChrysler Venture To Launch Mid 2003

SEOUL, Oct 16 Reuters reported that Hyundai, South Korea's largest automaker, said on Wednesday its expected to launch a commercial vehicle joint venture with DaimlerChrysler AG around the first half of 2003.

"We expect the joint venture to be launched around the first half of next year", Choi Johng-sik, executive vice president of commercial vehicle sales at Hyundai Motor, said.

"We expect details over the jv (joint venture) to be settled by the end of this year", Choi told reporters.

"Technically there are no problems involving the union", he added.

U.S.-German automaker DaimlerChrysler AG and Hyundai have been holding talks over setting up a joint venture commercial vehicle plant in South Korea. Both companies would hold 50 percent stakes each in the joint venture.

The venture would help Hyundai forge deeper ties with DaimlerChrysler, which owns a 10-percent stake in Hyundai.

Hyundai's ties to DaimlerChrysler include a joint venture formed last year to produce diesel engines.