Hyundai Motor Co. Ltd. and DaimlerChrysler AG return to the bargaining table to hammer out details surrounding their equity alliance.

Hyundai is seeking to revise the alliance to work with DC on a “project-by-project basis” rather than a wide-ranging partnership, published reports say. (See related story: DC May Sell Hyundai Stake)

The Hyundai news comes just days after DC announced it would no longer provide financial support for another alliance partner, Mitsubishi Motors Corp. Now it is up to Mitsubishi shareholders and its new management team to develop a revitalization plan to keep the ailing auto maker alive. (See related story: Mitsubishi CEO Eckrodt Resigns)

In a filing with Korea’s Financial Supervisory Service, Hyundai says talks with DC are ongoing and that all options remain open.

“Given the recent developments, we are holding talks with DaimlerChrysler to redefine our partnership to an alliance that would be limited to individual projects. As part of this process, we are considering all options and the talks are still in progress,” the filing says.

DC owns 10.44% of Hyundai Motor, which it acquired in 2000 as part of DC’s Asian growth strategy.

That strategy must now be reconstructed given the Mitsubishi decision and now Hyundai’s determination to move forward without strings attached.