Hyundai to raise R&D spending by 53%

Hyundai Motor Group, which encompasses Hyundai Motor and Kia Motors, says it will increase overall spending in 2010 by 11.7%, from 9.4 trillion won (US$8.36 billion) to invest 10.5 trillion won (US$9.34 billion). This will represent the group’s highest ever expenditure and will be aimed at developing eco-friendly models and boosting global sales volume by 17%. The company has allocated 4.6 trillion won (US$4.09 billion) for research and development, 53.3% more than last year. According to a Reuters report, the Hyundai Motor Group is targeting combined sales of 5.40 million vehicles in 2010, compared with 4.63 million last year. It also aims to launch a diesel-hybrid car in 2011 and plans to bring a gasoline hybrid version of a mid-sized saloon/sedan to the United States in 2010. (January 15, 2010)