Hyundai and Kia names Kim Hae-jin as the new R&D head
Hyundai Motor Co. and affiliate Kia Motors Corp. has named Kim Hae-jin as the new president of their joint research and development division. Hae-jin was previously the head of the development of engines and transmission and previously managed R&D quality control.
Hyundai and Kia shares parts and platforms and the two companies recalled almost 1.7 million vehicles in the U.S. in April due to potential faults in the brake switches. Around 600,000 vehicles were recalled in South Korea in September because of the same issues.
Hyundai spent around 1.63 trillion won ($1.54 billion) on research and development last year, which is around 1.9% of revenue. BMW AG spent 3.99 billion euros ($5.47 billion) on R&D in comparison, which is 5.2% of their revenues.