Hyundai Mobis has announced that it has developed a new brake system, to be manufactured in China, that will produce significant cost savings for Hyundai Motor.

According to the company, the new commercial vehicle brake system, known as the Mobis Electronic Brake 2-ABS Truck, is the first of its kind to be developed with indigenous technology.

The new system, which it says is the world's lightest commercial car brake system, will first be fitted on Hyundai Motor 's light commercial trucks County and Mighty.

Produced at a Mobis plant in China, the company says the new system is about 50% cheaper than imported parts and will save about 10 billion won ($67 million) in import costs over the next five years.