DaimlerChrysler AG, the Hyundai Motor Company and Mitsubishi Motors have formed a joint venture company to design, develop and engineer a new family of in-line four-cylinder gasoline engines.
Global Engine Alliance LLC, as the new venture is called, will create aluminium engines that will be used in future generations of vehicles by all three companies.
These will be offered in 1.8, 2.0 and 2.4 litre configurations and will sport horsepower ratings from 120 to 165. The companies expect to produce 1.5 million units of the new engine per year.
Located in the US, the new company will be owned equally by all three companies and begins operation this month.
The Initial production of engines by Hyundai is expected by March 2004. Chrysler and Mitsubishi engine production is planned to start in 2005.