Hyundai says scraps joint development plan with ZF

Newswire

SEOUL, Nov 23 (Reuters) - South Korea's top auto maker, Hyundai Motor Co. , said on Wednesday that it and Germany's ZF Friedrichshafen have cancelled a preliminary plan of jointly developing automatic transmissions. Hyundai and the Germany's third-largest automotive supplier signed a memorandum of understanding in September 2003 to jointly develop next-generation automatic transmissions, but since then no progress has been made, a Hyundai official said. "Hyundai Motor decided to develop ...

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