The new cooperation agreement provides a new basis for future cooperation among the companies, replacing the original agreement made with Hyundai Motor Company twenty years ago and initiating a new stage in the relationship between Hyundai and Mitsubishi Motors.

All three companies have agreed to investigate and pursue cooperation on a project-by-project basis, with a view towards achieving practical and mutually beneficial results. Mobis, an affiliate of Hyundai Motor and a key automotive component supplier, joins directly in the cooperation for the first time in recognition of the importance that component cooperation has on producing positive results for all three companies.

In his meeting with Hyundai Motor's President & CEO Dong-Jin Kim, Rolf Eckrodt, President & CEO of Mitsubishi Motors, stated "The new cooperation agreement demonstrates the intention of Mitsubishi Motors to improve on its relationships and potential synergies with good partners such as Hyundai Motor. We welcome the opportunity to extend our relationship with Hyundai Motor, and now also Hyundai Mobis, into the future."

In response, President & CEO Dong-Jin Kim said: "We are glad to extend our relationship with Mitsubishi Motors. Our cooperation has been a long and productive one and we look forward to success in the future."