Hyundai Motor, Microsoft open research lab in S. Korea

SEOUL, Nov. 3 (Yonhap) -- South Korea's Hyundai Motor Co. and U.S. software giant Microsoft Corp. have opened a research center in South Korea to develop in-vehicle entertainment devices and software, the local government said Monday.

Hyundai, the country's top automaker, and Microsoft did not reveal financial
terms related to the laboratory, called the "Automotive IT Innovation Center."
The South Korean government, however, said it will provide a total of 11 billion
won (US$8.4 million) over the next three years to support local software
developers.
Hyundai and Microsoft agreed in May to set up the research center. Microsoft
Chief Executive Officer Steve Ballmer is visiting Seoul to attend the opening
ceremony. Ballmer was also scheduled to meet South Korean President Lee Myung-bak
later in the day.
Microsoft "will make the utmost effort to help South Korean firms with
competitiveness in automotive information-technology make inroads into global
markets," Ballmer was quoted saying in a Korean-language press release
distributed by the Ministry of Knowledge Economy.