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Despite having engine tie-ups with PSA Peugeot Citroen (for the development of new front wheel drive hybrids) and Toyota (joint development of next-generation lithium-ion batteries for hybrids), BMW are reportedly having talks with Hyundai over a possible agreement to share future development costs for engines and other areas. This information was revealed by an insider who mentioned that the two companies are still in the early stages of discussion. Another source also mentioned that the two automakers had discussed a comprehensive alliance which includes a jointly developed engine where development costs will be split equally. A report in a German industrial publication, Automobil Produktion, stated that BMW and Hyundai were looking to spend a combined amount of US$1.3 billion and US$2.6 billion on the development of a new engine family. The report also claimed that Hyundai senior managers, including Chung Eui-Sun (the son of Hyundai Chairman, Chung Mong-Koo) met with BMW officials at BMW