Hyundai cancels corporate overhaul plan

SEOUL, May 21 (Yonhap) — Hyundai Motor Group on Monday canceled the corporate restructuring plan the company announced in March, following stepped-up campaigns of opposition by some investors.

Under the corporate overhaul plan, the group’s auto parts supplier, Hyundai Mobis Co., was slated to spin off its domestic module and after-sales parts businesses and merge them with logistics affiliate Hyundai Glovis Co.

Hyundai Mobis was set to focus on beefing up its core auto parts operations and research and development activities, as well as on developing future growth drivers, such as autonomous vehicles and connected cars, after the streamlining process. The corporate restructuring plan was scheduled to be put to a vote by Mobis and Glovis shareholders on May 29.

Hyundai Mobis corporate logo atop its main office in southern Seoul. (Yonhap) Hyundai Mobis corporate logo atop its main office in southern Seoul. (Yonhap)

kyongae.choi@yna.co.kr

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