Hyundai Motor has announced that it has formed a 500 million won ($490,000) joint venture with Siemens AG to produce electronic parts.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more


Hyundai Motor will own 49.99 percent of the joint venture, the Seoul-based carmaker said in a filing to the Korea Stock Exchange.


Hyundai Motor said a contract was signed earlier this week. Hyundai Motor and Munich-based Siemens said earlier they would set up a joint venture to boost competitiveness in the auto industry. Hyundai Motor and Siemens on July 27 said they bought a 43.2 percent stake in Hyundai Autonet Co., a car audio equipment maker, the Bloomberg report added.

Just Auto Excellence Awards - Have you nominated?

Nominations are now open for the prestigious Just Auto Excellence Awards - one of the industry's most recognised programmes celebrating innovation, leadership, and impact. This is your chance to showcase your achievements, highlight industry advancements, and gain global recognition. Don't miss the opportunity to be honoured among the best - submit your nomination today!

Nominate Now