Dow Jones reports that Mercedes-Benz on Thursday said it would launch its South Korean joint venture on January 1 to boost car sales in the country.

Mercedes-Benz will set up the joint venture called Mercedes-Benz Korea Ltd. with Hansung Motor Co. which has been an exclusive distributor of Mercedes-Benz cars in South Korea since 1987.

Mercedes-Benz will invest in a 51% stake in the venture and Hansung will take up the remaining 49%. The company didn’t provide details of the financial terms.

Mercedes-Benz Korea will be involved in the import, wholesale and marketing businesses in South Korea.

Mercedes-Benz has named Ivo Maull as president and chief executive of the joint venture, the company said.

During the first 10 months of the year, Mercedes-Benz sold a total 1,827 vehicle units in South Korea, comprising 13.68% of the country’s imported car market, according to the Korea Automobile Importers & Distributors Association, the Dow Jones report said.