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GM, DaimlerChrysler to develop hybrid engines
Detroit, Michigan - General Motors Corp. and DaimlerChrysler AG are teaming up to develop fuel-saving hybrid engines in hopes of cashing in on an expanding market already dominated by hybrid leaders Toyota Motor Corp. and Honda Motor Co.
Financial terms of the agreement between GM, the world's largest automaker, and its German-American rival weren't disclosed yesterday, but Tom Stephens, GM's group vice president for powertrains, said it likely will involve an investment of hundreds of millions of dollars.