The likelihood of Hyundai entering formula one in the near future has diminished.

The likelihood of Hyundai entering formula one in the near future has diminished.

Some years ago, the Korean carmaker - currently the fifth largest in the world and comprising Kia - was linked with Minardi when Paul Stoddart was selling the Faenza based team.

And "We are in discussions with Bernie Ecclestone," an official of the Seoul-based company said in 2006.

Another Korean multinational, Samsung, has also been linked with F1 sponsorship, which now seems timely given the sport's journey this week to the southwest Jeollanam-do province for the country's inaugural grand prix.

South Korea's economy proved robust in the wake of the global financial crisis, and Hyundai vice chairman Chung Eui-sun said recently that the marque's "utmost priority is to boost brand image in Europe".

The conglomerate LG is already a prominent F1 sponsor, but Hyundai is reportedly not interested.

"The grand prix could be a gateway to becoming a premium car brand, but Hyundai is simply not interested in formula one," an anonymous F1 industry official told the Reuters news agency.

"It also requires long-term investment of several years at least and it's doubtful whether Hyundai has that patience," the source added.

 

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Korea's Hyundai 'not interested' in F1 - report