SOUTH KOREA: Hyundai calls off automatic transmission joint development deal
Hyundai on Wednesday said that it and Germany's ZF Friedrichshafen have cancelled a preliminary plan of jointly developing automatic transmissions.
A Hyundai official told Reuters the automaker and the automotive supplier signed a memorandum of understanding in September 2003 to jointly develop next-generation automatic transmissions, but since then no progress has been made.
"Hyundai Motor decided to develop them on its own to enhance its own technology for major automotive parts," the company reportedly said in a disclosure to the Korea stock exchange. The car maker planned to complete the development by the end of 2007, it added.