Hyundai won't bid solo for Daewoo Motor

Hyundai Motor announced that it would not consider any company other than DaimlerChrysler as partner for an acquisition of Daewoo Motor.

In an interview with the Asian Wall Street Journal, Hyundai Motors chairman Chung Mong-Koo said that there was no alternative partner to DaimlerChrysler, although the government said that the company could look for other potential partners. Chung also said that Hyundai had no interest in undertaking Daewoo since the takeover of Kia Motors last already is too much for Hyundai.

In this connection, Hyundai Motor spokesman Choi Han-Young explained that it means that Hyundai wouldn't offer a solo bid for Daewoo Motor, adding that Hyundai will do its best to persuade DaimlerChrysler to bid jointly.

Chung said that Hyundai would be able to compete with General Motors even if the American auto giant acquires Daewoo Motor because Hyundai already has worked out a plan for Ford Motor's entry into the Korean market.

"Currently, Hyundai is selling about 230,000 cars," Chung said. "If our sales in the market hit a half million cars, we will build an assembly plant in the U.S. to compete with global car builders."

artemes@donga.com