SEOUL, April 20 (Yonhap) — South Korean automaker Hyundai Motor Co. on Wednesday denied rumors that it is considering the sale of its loss-making railway affiliate, Hyundai Rotem.

Hyundai Motor said in a regulatory filing that it is not pushing to sell its 33.8 percent stake in Hyundai Rotem.

Hyundai Rotem runs businesses in three main areas — railway vehicles, defense products and industrial plants.

Its railway business accounts for nearly half of its sales but has been in the red for the last three years, having posted operating losses of 41.7 billion won (US$37.2 million) in 2018, 259.5 billion won in 2019 and 11.6 billion won in 2020.

This file photo, taken on Nov. 20, 2020, shows the corporate logo of Hyundai Rotem Co. (PHOTO NOT FOR SALE) (Yonhap)