DaimlerChrysler and Hyundai announce joint venture

DaimlerChrysler AG and Korea’s Hyundai Motor Co. Ltd. are reportedly close to announcing a joint venture that will see the two companies build annually up to 120,000 trucks and buses for the Asian market, starting in 2002.

DaimlerChrysler officials said the deal been under discussion since last summer, when DaimlerChrysler bought 10% of Hyundai, but some details still needed to be finalized.

A German business weekly reports that the deal will be formally announced next week at a Brussels truck show.

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