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Hyundai Motor, DaimlerChrysler and Mitsubishi Motors are to jointly develop and purchase automotive parts worth $US13 billion, the Korea Economic Daily reported today (Friday), according to Reuters.

Reuters said the early Saturday edition of the newspaper quoted an unnamed Hyundai official as saying “The joint purchase is to bolster partnerships between the automakers.”

Citing the newspaper, Reuters said the amount exceeds the $11.1 billion of annual purchases made by General Motors and the $9.8 billion spent by Ford.

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By GlobalData