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Business

DaimlerChrysler Sells Stake in Hyundai

Stuttgart-based DaimlerChrysler has sold its 10.5 percent stake in South Korea's largest automaker, Hyundai Motor Co., for $912 million ($1.12 billion), a company spokesman confirmed on Tuesday. DaimlerChrysler paid $428 million for the shares in 2000 in an effort to expand sales in Asia. At the time, the company also bought holdings in Mitsubishi Motors Corp. However, ongoing tension with the management at Hyundai prompted DaimlerChrysler officials to reconsider the company's Asia strategy and sell the shares. All the same, DaimlerChrysler will walk away with a profit of $472 million. According to DaimlerChrysler spokesman Toni Melfi, ongoing projects between the two companies will continue.