TOKYO -- Mitsubishi Motors Corp., Hyundai Motor Co., and Hyundai Mobis signed an agreement to cooperate on future projects involving the development, manufacture, and sale of passenger cars and automotive components.
The broad agreement sets a framework for cooperation, and does not specify any particular vehicle project. The three concerns agreed to investigate and pursue cooperation on a project-by-project basis.
Ties between Mitsubishi and Hyundai Motor go back 20 years, when Mitsubishi took an equity stake in the Korean carmaker. The new agreement ushers in a new relationship, as Mitsubishi is selling its final 1.71-percent stake in Hyundai Motor to Hyundai Mobis. That sale is due to close early next week.
Hyundai Mobis is Hyundai Motor's largest stakeholder. With the addition of Mitsubishi's stake, Mobis will own 13.2 percent of Hyundai Motor directly. Hyundai Mobis originally was Hyundai Precision Engineering, which as a vehicle assembler built the Hyundai Galloper SUV, based on a Mitsubishi Pajero design.
Hyundai Mobis no longer assembles vehicles. Today it is a component supplier, particularly active in supplying front- and rear-end modules and airbags to Hyundai Motor.