Hyundai Mobis to Spend $146 Million on Research Projects in 2009

Seoul, February 1, 2009: Hyundai Mobis Co. South Korea's largest auto-parts maker, said Thursday it will spend 200 billion won ($146US million) on research projects this year.

Most of the planned budget will be spent on developing parts for hybrid vehicles and so-called "intelligent" cars that can communicate with drivers and mobilize various 'smart' features, the company said.

Early this month, Hyundai Mobis, an affiliate of Hyundai Motor Co., predicted its domestic sales to fall 4.2 per cent this year to 8.9 trillion won amid sluggish demand for new vehicles.