Hyundai Motor said in a statement on Wednesday it would issue 20,618,000 new common shares to DaimlerChrysler this month. "DaimlerChrysler will pay 20,900 won per share for the newshares," said the Hyundai statement. Hyundai Motor shares closed at 16,700 on Wednesday, down 100 won. The capital increase will raise Hyundai Motor's total paid-in capital to 1.48 trillion won. Hyundai will sell existing shares equivalent to a one percent stake to DaimlerChrysler for the remaining 50 billion won at an unspecified time later in the year, a Hyundai spokesman said. (Reuters) In June, the two companies had also agreed to a comprehensive alliance including plans for a "world car" along with Japan's Mitsubishi Motor and a joint venture to produce commercial vehicles.

The German-American carmaker said at that time it had the option to raise its stake in Hyundai Motor by another five percent to a total 15 percent after three years of the initial partnership.