Seoul: Hyundai Motor Co, South Korea's largest automaker, said on Friday that it has no interest in acquiring Ford Motor Co's luxury Jaguar brand.
In a statement, Hyundai said it once studied the acquisition of a ''luxury nameplate like Jaguar, but that option was dropped in view of our immediate priorities,'' described as expanding production at overseas plants.
Though Ford says it has no plans to sell any of its brands, industry analysts have speculated that the number two US automaker may be forced to act to stem red ink. Earlier this month, it announced a revised $254 million second-quarter loss.
Hyundai, along with affiliate Kia Motors Corp, is aggressively expanding its overseas presence. Hyundai plans to build a new factory in the Czech Republic, while Kia plans one in the US state of Georgia.
Hyundai already has factories in the United States, China, India and Turkey. Kia is building a second plant in China.
The companies have faced serious distractions this year, however, with the jailing and trial of Hyundai Chairman Chung Mong-koo on charges of embezzlement and breach of trust related to a slush fund and bribery scandal, as well as strikes by unionised workers.
Chung, who spent two months in jail after his arrest, was released on bail in late June and returned to work in the middle of July following a hospitalisation. His trial is continuing at Seoul District Court.
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