Hyundai Mobis is to invest KRW1.5 trillion (US$1.02bn) this year in a bid to become one of the world’s 10 largest auto parts makers.

The company, which is affiliated with Hyundai Motor, will earmark KRW360bn of this for research and development for high-tech systems this year.

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The company said it will diversify its R&D personnel to include more engineers specialising in information technology, software, electronic engineering and mechatronics. The company also plans to build a new R&D facility by 2012 equipped with a testing system for the majority of its automotive components.

Currently ranked 12th in the auto parts industry globally, Hyundai Mobis aims to post KRW26 trillion in consolidated sales this year.

The company has yet to announce its fourth quarter results but analysts expect it to show record-high revenue in 2010. For the first three quarters of last year, Hyundai Mobis posted sales of about KRW10.04 trillion.

Revenue totalled KRW10.63 trillion in 2009.

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