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.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
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.
