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Hyundai Motor drops plan for China financial unit

From Reuters| May 13 , 2008 17:55 BJT

SEOUL, May 13 (Reuters) - South Korea's Hyundai Motor Co said on Tuesday it had shelved a plan to set up a financial services business in China after it was unable to reach an agreement on the operation with Chinese authorities.

Hyundai Motor, which leads the world's No. 6 auto maker Hyundai Motor Group, had been working since early 2006 to set up a loan-service company in China to boost its presence in the huge but competitive local market.

"Negotiations fell through due to disagreements with the Chinese authorities over the ownership structure of the financial service company," Hyundai Motor said in a filing to the Korea Exchange.

Hyundai Capital, the auto group's financial service unit, still aims to set up a similar auto-loan service in China, Hyundai Motor added.

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