Hyundai Motor said on Monday that it will sell a further one percent stake to DaimlerChrysler by the end of March as part of the strategic alliance reached in June 2000, Dow Jones reported.

Citing a Hyundai Motor spokesman, Dow Jones said that, in June of last year, the company promised to sell a 10 percent stake to DaimlerChrysler. It had already sold nine percent.

Hyundai Motor’ largest shareholder is Hyundai Mobis Co. with 11 percent. DaimlerChrysler is the second largest.