OREANDA-NEWS German semiconductor manufacturer Infineon Technologies AG has signed a long-term agreement to supply chips to South Korean automakers Hyundai Motor and Kia, Infineon said in a statement.

To ensure supplies, Infineon will expand production facilities with the financial assistance of automakers.

The partnership with Infineon will allow Hyundai and Kia to ensure stable supplies of semiconductors and strengthen the companies' positions in the global electric vehicle market.

Hyundai shares in Seoul on Wednesday rose by 1.75%, Infineon securities at the beginning of trading in Frankfurt decreased in price by 0.9%.