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Hyundai lures Toyota's Michael O'Brien to head U.S. product planning

Hyundai named Michael O'Brien vice president of product and corporate planning--an influential position that has been vacant since John Krafcik became CEO in late 2008, the company announced on Tuesday. O'Brien, 55, spent the last 14 years at Toyota Motor Corp.'s U.S. sales division as a manager within the corporate planning division.

Daimler takes 10 percent stake in EV maker Tesla

Daimler AG has acquired an equity stake of nearly 10 percent of California electric car maker Tesla Motors Inc., the German automaker said Tuesday. The two companies have been working together to integrate Tesla's lithium-ion battery packs and charging electronics into the first 1,000 units of Daimler's electric Smart car. Daimler said its stake in Tesla will allow the companies to collaborate even more closely on the development of battery systems, electric drive systems and in individual vehicle projects.

Ford completes $14 million overhaul at its German design studio

Ford has opened a $14.5 million expansion of its design studios at Merkenich-Cologne in Germany. Global design work for Ford's subcompact and compact vehicles, including the Fiesta and the Focus, is done at the center, which is close to the automaker's Cologne factory where the Fiesta is built. The expansion is the largest since the studios were constructed in 1968 and increases the size by about 32,300 square feet to about 172,000 square feet.