Hyundai investing $3.3 billion in green technologies by 2013

Korean automaker Hyundai knows how it can meet South Korea's upcoming new emissions and fuel efficiency legislation: by spending $3.3 billion between now and 2013.

About $1.8 billion of that figure will be dedicated to the development of hybrid vehicles, another $1.1 billion to improve overall engine efficiency, and the remainder will be used on energy facilities to cut emissions. Hyundai joins other local companies in meeting the government's standards. Samsung, for example, announced $4.3 billion for investing in green technologies. The South Korean government announced early this month that the country will spend two percent of its annual gross domestic product in the environmental sector.

[Source: Reuters]