Hyundai cancels corporate overhaul plan SEOUL , May 21 ( Yonhap ) -- Hyundai Motor Group on Monday canceled the corporate restructuring plan the company announced in March , following stepped - up campaigns of opposition by some investors . Under the corporate overhaul plan , the group ' s auto parts supplier , Hyundai Mobis Co . , was slated to spin off its domestic module and after - sales parts businesses and merge them with logistics affiliate Hyundai Glovis Co . Hyundai Mobis was set to focus on beefing up its core auto parts operations and research and development activities , as well as on developing future growth drivers , such as autonomous vehicles and connected cars , after the streamlining process . The corporate restructuring plan was scheduled to be put to a vote by Mobis and Glovis shareholders on May 29 . Hyundai Mobis corporate logo atop its main office in southern Seoul . ( Yonhap ) kyongae . choi @ yna . co . kr ( END )