27 August 2002: Hyundai wants to expand its alliance with DaimlerChrysler AG to tap into the large car and diesel engine technology of the world's fifth-biggest carmaker. DaimlerChrysler owns 10.5 percent of South Korea's biggest carmaker.

DaimlerChrysler has already set up two ventures with Hyundai Motor to jointly build engines for commercial vehicles and small cars.

Hyundai Motor plans to be among the top five carmakers by unit sales by 2010, on the back of planned increased exports to the US and Europe.