South Korea's Hyundai Motor denied on Monday a report that the Korean carmaker will take part in the upcoming bidding competition to take over Chrysler, a subsidiary of DaimlerChrysler Group, the Korean Times reported on Tuesday.

Hyundai Motor's Vice President Lee Yong-hoon said that "the report is totally groundless," stressing that there has been no high-level meeting between Hyundai and Chrysler for an acquisition.

Lee's remarks came after The Times based in London said Sunday that Hyundai is interested in joining potential bidders.

In 2000, Hyundai sought a joint development of new cars in coordination with Chrysler but dropped the partnership in 2004, citing profitability issues between the two sides.

Hyundai Mobis, an affiliate of Hyundai Motor, began providing DaimlerChrysler Group with auto parts last year.

Source: Xinhua