October 17, 2000, Tokyo: Mitsubishi Motors Corporation announces that it is to supply continuously variable transmissions (CVT) for use in passenger cars to Hyundai Motor Company, with which it has enjoyed lengthy ties, and to the Korean automaker's affiliate Kia Motors Corp.

MMC will ship a total of 30,000 CVT's to the two Korean automakers annually. Hyundai will use the CVT in its Sonata, and Kia in its Optima passenger car models.

MMC developed and produced the CVT for the new Lancer Cedia model launched in Japan in May this year. MMC's new-generation GDI+CVT powertrain has been well received by the market, with integral management of the CVT and the GDI eco-engine returning ultra-low fuel consumption while also delivering silky-smooth and sporty performance.

Over the years, MMC and Hyundai have built up excellent ties as business partners in a number of areas: MMC currently has a 1.64% equity holding in the Korean automaker, to which it also supplies components and technical assistance. With DaimlerChrysler now a major shareholder in both companies, MMC and Hyundai Motors are keen to promote the cooperative relationship that exists between them to mutual advantage.