Hyundai to invest 319.7 billion won in new engines, transmission

Hyundai Motor Co., South Korea’s largest carmaker by sales, said that it will invest a combined 319.7 billion won (US$286.94 million) to develop its own new engines and transmission within the next four years. Hyundai Motor will spend a total of 256.2 billion won (US$229.95 million) to develop two gasoline engines and 63.5 billion won (US$57 million) for a rear-wheel eight-speed automatic transmission, the company said in a regulatory filing. (October 26, 2010)