Hyundai Motor Co. and Detroit Diesel Corp. (DDC) today signed a Memorandum of Understanding, which says that DDC will provide logistical support for the distribution of commercial vehicle parts to Bering Truck Corp. and Bering Truck Distribution LLC dealers as soon as parts arrive from Korea.
Hyundai says that its parts affiliate, Hyundai Mobis, is preparing a large shipment of parts as recently requested by Bering dealers for air freight directly to DDC and distribution to the dealers. Thereafter, DDC will be responsible for developing parts inventory forecasting and other services.
The parties have agreed to conclude the definitive agreement within 30 days, but they are commencing implementation of parts supply to Bering dealers immediately.
Bering filed a $500-million federal lawsuit against Hyundai and DaimlerChrysler on Wednesday. The suit, filed in the U.S. District Court in Harrisonburg, Virginia, seeks $500 million in both physical and punitive damages for violations of the U.S. antitrust laws and violations of Virginia law, including that state’s business destruction statute, Bering said.
The suit alleges, among other things, unlawful restraint of trade, market allocation, price fixing and malicious collusion to drive VA-based Bering out of business. It is alleged that DaimlerChrysler and Hyundai implemented their anti-competitive pact by having Hyundai wrongfully sever its relationship with Bering, leaving Bering “with no manufacturer support and nothing to build or sell.”