Samsung Hyundai plans joint development of Smart car chips

According to the Xinhua news agency, the South Korean government announced 16th that Samsung Electronics and Hyundai will jointly develop advanced chips for economic smart cars.　　The Ministry of Knowledge Economy of South Korea said Samsung and Hyundai's two companies would promote the development of a system-level chip (SOC), the main component of the energy-efficient vehicle. As of August 2010, a total of 20 billion won (1 U.S. dollars of about 1295 won) investment will be used to develop smart keys, automatic parking systems and battery sensing chips, which the South Korean government will bear 9 billion won.　　A ministry official said that if everything goes according to plan, South Korea will achieve the production of domestic system-level chips by 2012. South Korea has been relying on imported system-level chips to meet market demand. As the world's fifth-largest car producer, the country has an annual output of 5.27 million vehicles.