According to a statement by Hyundai on Monday September 5, the company has reached an agreement with Siemens to establish a 500 million Won joint venture for automotive electronics, which includes car navigation systems. Unofficial reports about the possibility of a joint venture already surfaced several months ago, including an Asia Express article dated July 8. In the September 5 announcement Hyundai said it will take a 49.99% in the joint venture, while the remaining stake will be taken up by Siemens. Even before the official announcement of the partnership, Hyundai and Siemens had already made their first joint move, buying a 43.2% stake in car-audio system maker Hyundai Autonet in July.