Hyundai-Kia to secure mid-term growth

Hyundai Kia Automotive Group, a joint venture between South Korean carmakers Hyundai Motor Co. and Kia Motors Corp., said that it will invest about nine trillion won (US$6.27 billion) in 2009 in a bid to secure mid-term growth. Defying the fall-off in global auto demand, Hyundai-Kia Auto will devote six trillion won (US$4.18 billion) to capital spending and three trillion won (US$2.09 billion) to R&D. The group is also revving up the development of environment-friendly vehicles. In July, it will roll out its first hybrid onto the domestic market, with plans to export the vehicle to the U.S. in 2010. (March 2, 2009)