Hyosung Group is expanding its automotive portfolio through a strategic joint venture between its affiliate FMK and German manufacturer Daimler Truck. The partnership, announced yesterday, designates FMK as the official importer for Mercedes-Benz commercial vehicles in South Korea.
The joint venture signals a shift in Daimler Truck’s Korean market approach, transitioning from direct operations to a partnership-based model. Mercedes-Benz trucks first entered the Korean market in 2003, focusing primarily on medium, heavy-duty, and special purpose vehicles.
FMK, which has imported Ferrari and Maserati since 2007, will now leverage its distribution expertise in the commercial vehicle sector. The move aligns with Daimler Truck’s global strategy of establishing regional commercial centers, implemented since 2016.
“This collaboration will strengthen Mercedes-Benz’s position in the Korean truck market,” said Harald Schmidt, CEO of Daimler Truck Southeast Asia. The German manufacturer views Korea as a key market not primarily for sales volume, but for its tech-driven environment.
For Hyosung Group, a major South Korean conglomerate with operations spanning textiles, chemicals, and industrial materials, the partnership enhances its growing position in automotive imports. The deal awaits regulatory approval, with finalization expected in coming months.
