TURIN - Hyundai will keep Kia going as a stand-alone subsidiary if it succeeds in its bid to buy the failed Korean automaker, said a senior Hyundai executive.
Lee Chi-sam, director of Hyundai Motor Europe, said the Kia brand would continue and the company would be restructured 'in a similar way to PSA/Peugeot-Citroen, with shared model development.'
At the world introduction of the new Hyundai Sonata, Hyundai President B.J. Park said Korea has too many carmakers now.
'In order for the Korean car industry to survive and compete with the world,' he said, 'two companies makes sense.'
Kia was placed in receivership earlier this month.
Hyundai has 48 percent of the market, Kia has 24 percent and Daewoo has 23 percent. Samsung and SsangYong are the largest of the others.