Hyundai Motor Acquires Additional 27% Stake in Turkish Joint Venture Manufacturing Company

Hyundai Motor's 97% Stake... Plans to Convert into a Subsidiary

Chung Euisun, Senior Vice Chairman of Hyundai Motor Group, was appointed as chairman on the 14th, marking the full-scale launch of the third-generation management system of Hyundai Motor Group. Hyundai Motor Group, including Hyundai Motor and Hyundai Mobis, held an extraordinary board meeting that morning and approved the appointment of the new chairman Chung. Accordingly, Chairman Chung became the undisputed head of the group just 2 years and 1 month after his promotion to Senior Vice Chairman of the group in September 2018, and 7 months after becoming the chairman of Hyundai Motor's board in March this year. The photo shows the Hyundai Motor Group headquarters in Seocho-gu, Seoul on the day. Photo by Kim Hyunmin kimhyun81@

[Asia Economy Reporter Kim Ji-hee] Hyundai Motor Company will acquire an additional 27% stake in its Turkish joint venture, Hyundai Assan Automotive.

According to major foreign media on the 17th (local time), Hyundai Motor submitted an acquisition approval application to the Turkish Competition Authority (RK) on the 3rd to acquire the remaining shares of Hyundai Assan Automotive, excluding 3% of the 30% stake held by its joint venture partner Kibar Holdings.

Hyundai Motor currently holds a 70% stake in Hyundai Assan Automotive. If the Turkish authorities approve the acquisition of the 27% stake, Hyundai Motor will hold a total of 97% of the shares.

Accordingly, Hyundai Motor will have core management rights, while Kibar Holdings will focus on operating dealerships within Turkey.

The Hyundai Assan Automotive Izmit plant, Hyundai Motor's first overseas production base, began production in 1997. It is equipped with facilities capable of producing up to 230,000 units annually of compact cars i10 and i20.

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