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| Responsive disclosure regarding the news report of the Establishment of a joint venture company for electronic Components with Siemens |
We are studying diverse ways to form an alliance with other overseas electronic components companies to strengthen competitiveness in Auto Electronic components. As a part of this study, Hyundai Motor Company and Siemens (Germany) are currently undergoing negotiations concerning the details of the conditions of both company’s shareholders’ agreements regarding establishment of a joint venture company, which includes an alliance of technology sources related to BCM. *BCM (Body Control Module) A total control system, which integrates and controls various electronic control equipment, such as brakes, airbags, and air conditioners etc. Currently, no concrete decisions have been made, and we will disclose the details of the negotiation upon its conclusion by August 24, 2005.
Name of Disclosure Officer : Yoo No Hwang, Director, Head of Financial Management Group
* The above statement is in response to the Korea Stock Exchange inquiry made on February 25, 2005 09:24 a.m. |