Hyundai Motor Co. reportedly is to invest $1.3 billion in its trucks and buses business over the next five years, following the end of its DaimlerChrysler AG alliance.
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Reuters noted that DaimlerChrysler said early this month it would sell its 10% stake in Hyundai – worth $1 billion – and end a strategic alliance that was set up to jointly produce commercial vehicles and engines.
“Hyundai plans to spend 1.55 trillion won by 2008 and 2.8 trillion won by 2013 to make its commercial vehicle operations competitive,” Internet news provider Edaily reported, quoting Hyundai, according to Reuters.
The money reportedly is earmarked for engine development, upgrading production capacity and research and development.
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