July 22, 2009

Hyundai, Kia Invest In Fuel Efficiency

Hyundai Motor, a South Korean company, and its affiliate Kia Motors announced plans on Wednesday to invest $3.28 billion by then end of 2013 to develop fuel-efficient cars and cut carbon emissions.

The group has said it would spend $1.77 billion to develop and produce hybrid and hydrogen fuel cell vehicles.

Another $1.1 billion would be used to develop fuel-saving engines, transmission and light materials, the companies said in a statement.

The remaining money would be spent on cutting greenhouse gas emissions by six percent from car plants.

The two automobile markers control over 80 percent of the South Korean vehicle market, and the group is the world's fifth largest carmaker in terms of sales.


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