The shares held by modern repurchase dealers gain control over German imports

Hyundai Motor Co., South Korea, intends to gain control over German auto imports by acquiring a 65% stake in Hyundai Motor Deutschland GmbH, which is owned by the automotive dealer Emil Frey Group.

Hyundai Motor is the third-largest Asian brand car manufacturer in the European market after Toyota and Nissan, with a market share of 2.9%. In 1999, Hyundai Motor sold 19,610 vehicles in Germany. In the first 10 months of this year, Hyundai Motor sold 73,105 vehicles in Germany. Hyundai Motors expects to sell 80,000 cars in Germany this year.

The modern German company was established in 1991. Since 1999, Emil Frey has become its largest shareholder. Emil Frey mainly imports some Subaru models in Germany and operates a dealer network, selling cars of many brands such as Ford, Opel, Fiat and Volvo. In 2010, Emil Frey sold 257,977 cars in Switzerland, France, Hungary, the Czech Republic, Poland and Germany, becoming the second largest distributor group in Europe.

Emil Frey said that Hyundai Motor will take over the business of modern German companies from January 1st next year. The structure and staff of the modern German company will remain unchanged. Emil Frey will continue to work closely with Hyundai Motor Company.