Hyundai fined 1 million dollars

LONDON, Oct. 13, 2004; (Xinhuanet) -- South Korean carmaker Hyundai has been fined 1 million US dollars by motor sport's world governing body FIA after missing four rounds of last year's world rally championship, according to a Reuters report.

The report said that Hyundai Motor Company had appeared at a meeting of the FIA's World Motor Sport Council in Paris to explaintheir absence and failure to pay financial penalties for each event missed.

Contracted manufacturers are obliged to contest all rounds of the world championship but Hyundai quit last year, saying they intended to develop a new car for a comeback in the second half of2006 and a full season in 2007.

The fine could spell trouble for Japan's Mitsubishi, who have missed the last few rallies of this season to concentrate on building a new car for 2005, Reuters reported. Enditem