Hyundai, GE in talks on auto financing in U.S., analyst says

SEOUL, Feb. 25 (Yonhap) -- Hyundai Motor Co., South Korea's top carmaker, and
General Electric Co. of the United States have been in talks over a possible
alliance in auto financing in the world's largest auto market, an analyst said
Wednesday.
Hyundai Securities analyst Cho Soo-hong said in a research report that Hyundai
Chairman Chung Mong-koo, who is on a visit to the U.S., met GE's chief executive,
Jeffrey Immelt, citing unnamed sources.
Officials at Hyundai's public relations team in Seoul weren't immediately
available for comment.
"While it's unclear whether the alliance would be announced during Chung's visit,
the talks between Hyundai and GE have been under way for a long time," Cho wrote.
"If the alliance is formed, it will help Hyundai increase its market share in the
U.S.," the analyst said.
Earlier in the day, the local Maeil Business Newspaper also reported on the
meeting between Chung and Immelt in New York this week, citing an industry
source.
GE, the world's largest business conglomerate, is one of South Korea's largest
foreign direct investors.
The Fairfield, Connecticut-based company invested about 1 trillion won (US$665
million) in Hyundai Capital Services Inc., an auto-financing unit of Hyundai.
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