Hyundai Motor denies Chrysler unit buyout report

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SEOUL, Nov. 8 (Yonhap) -- Hyundai Motor Co., South Korea's No.1 automaker, denied Saturday that it is interested in taking over U.S. automaker Chrysler LLC's Jeep brand.

The British news agency Reuters, citing unnamed sources, reported Friday that
Hyundai has held talks with Cerberus Capital Management, owner of Chrysler, about
a possible buyout of the Jeep brand and possibly other assets.
"The report is not true and we are carrying out our investment as planned," a
Hyundai official said, adding that the Korean automaker is focusing on
construction of plants overseas.
Hyundai, the world's No. 5 carmaker along with its affiliate Kia Motors Corp.,
has a 3 percent share of the U.S. market.
Hyundai has plants in the United States, China, India, Turkey, Slovakia and the
Czech Republic for production diversification and overseas sales boost.
In June, it started building its St Petersburg plant in Russia.
sam@yna.co.kr
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