Hyundai Motor Corporation, the world's sixth-largest automaker, on Monday denied a British newspaper report that it is interested in acquiring Chrysler, the US unit of German automaker DaimlerChrysler.
"We are not considering to buy Chrysler because our hands are full," Hyundai spokesman Jake Jang said, responding to a report in the The Times newspaper that the South Korean automaker was among companies interested in bidding for the Chrysler Group.
The Times reported on its website that Hyundai was thought to be interested in joining possible bidders for the US automaker, without citing specific sources. The paper said that Hyundai was believed to be interested in gaining access to Chrysler's network of dealerships in the US.
Speculation regarding Chrysler has intensified since Wednesday, when DaimlerChrysler AG Chairman Dieter Zetsche said the automaker would not rule out a possible sale of its US operations, which it acquired in 1998.
Zetsche, who formerly led Chrysler Group, said the German company is considering all options for its US operation, including strategic partners.
Automotive News, a trade publication, reported last week that General Motors Corporation is in talks to acquire Chrysler. GM and Chrysler officials declined to comment on the Automotive News report, which cited sources in Germany and the US whom it did not identify.
Hyundai currently has an engine alliance with Chrysler and Japan's Mitsubishi Motors Corporation under which Hyundai allows those companies to manufacture engines based on Hyundai design, Jang said.
Courtesy : Expressindia.com
"We are not considering to buy Chrysler because our hands are full," Hyundai spokesman Jake Jang said, responding to a report in the The Times newspaper that the South Korean automaker was among companies interested in bidding for the Chrysler Group.
The Times reported on its website that Hyundai was thought to be interested in joining possible bidders for the US automaker, without citing specific sources. The paper said that Hyundai was believed to be interested in gaining access to Chrysler's network of dealerships in the US.
Speculation regarding Chrysler has intensified since Wednesday, when DaimlerChrysler AG Chairman Dieter Zetsche said the automaker would not rule out a possible sale of its US operations, which it acquired in 1998.
Zetsche, who formerly led Chrysler Group, said the German company is considering all options for its US operation, including strategic partners.
Automotive News, a trade publication, reported last week that General Motors Corporation is in talks to acquire Chrysler. GM and Chrysler officials declined to comment on the Automotive News report, which cited sources in Germany and the US whom it did not identify.
Hyundai currently has an engine alliance with Chrysler and Japan's Mitsubishi Motors Corporation under which Hyundai allows those companies to manufacture engines based on Hyundai design, Jang said.
Courtesy : Expressindia.com