SEOUL -- Hyundai Mobis, an auto parts making unit of South Korea's Hyundai Motor Group, is in price talks with General Motors on a deal to supply 1.2 million steering parts, a company official said on Thursday.
The talks involve the supply of parts to GM's joint venture in Shanghai, said Lee Young-hoon, a Hyundai Mobis spokesman, adding that the deal could take as long as six months to complete.
"We are holding talks with GM to set prices after the global auto firm asked us to send an estimate for supplying 1.2 million steering parts over the next five years," said Lee, declining to reveal the value of the deal.
General Motors holds a 50 percent stake in Shanghai GM, jointly set up with Shanghai Automotive Industry Corp.
Hyundai Mobis is targetting a 6-percent rise in its 2005 sales to 6.8 trillion won ($6.71 billion) and forecast 2 percent growth in operating profit this year to 764.6 billion won.