Hyundai to spend 214 bln won on new models in 2010

SEOUL, May 21 (Yonhap) -- Hyundai Motor Co., South Korea's largest automaker,
plans to spend 214 billion won (US$172.3 million) next year to develop five new
or revamped models, according to a regulatory filing submitted by the company on
Thursday.

Hyundai said in the filing that the investment plan is aimed at navigating
through the auto industry's downturn with new or redesigned models. This year,
Hyundai plans to spend 79.5 billion won on new models, one of which is known as
the Veloster coupe, code-named HND-3, currently under development.
Early this year, Hyundai and its affiliate Kia Motors Corp. said they would
invest some nine trillion won in 2009, similar to last year's spending figures.
Of the amount, six trillion won will be spent on facilities with the remaining
three trillion won set aside for research and development, Hyundai said earlier.
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