Hyundai quick to quell FCA takeover rumors

Hyundai quick to quell FCA takeover rumors

Chennai: Changes are the forefront in the automotive sector with the EV boom taking the centre stage.

Now, according to a report from Asia News, Hyundai Motor Group CEO Chung Mong-Koo is watching FCA's share price ticker with an expected downturn in value to trigger a bid within 12 months.

We don't know about you but it sure sounds like FCA may end up becoming Hyundai's proxy for the United States market.

Hyundai has denied rumors that it is planning a massive buyout of FCA shortly before chief executive Sergio Marchionne steps down.

Hyundai's manufacturing footprint in the U.S.is also relatively small, unlike GM or VW, and would be exponentially improved if a merger between Hyundai and FCA happened.


A current free trade agreement between the US and South Korea would also help facilitate the merger and lower import/export costs compared to higher tariffs on European models.

A Hyundai spokesperson has dismissed the allegations, labeling the rumor "totally groundless". However, they confirmed to be open to a technical partnership to jointly develop future transmissions and hydrogen tech.

In 2017, there were also several reports that Hyundai and FCA were exploring a merger. He lobbied hard for a tie-up with General Motors and reportedly explored hookups with many other companies, including PSA and Chinese firms.

With this new possiblity coming to light, more news involving Hyundai and FCA could still keep blips on the industry's radar.

If Hyundai and FCA were to join forces, the new group would be the largest vehicle maker in the world, selling around 11.5 million cars per annum.

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