When the Ford Mustang was challenged by the new Hyundai Genesis Coupe, many laughed. After the pony car icon and the Korean newcomer were put head to head, it became obvious that the Hyundai posed a real threat.Of course the Genesis Coupe doesn’t have the history of the American coupe and this can create quite a gap between the two for a certain type of customers.And the Mustang shouldn’t fear the Korean two-door anyway, as the latter’s top engine is a V6 that delivers 306 hp, so the Genesis can only compete with the entry level V6 ‘Stang.Well, it looks like Hyundai is determined to change all this. The carmaker is currently working on a 5.0 liter V8 powerplant that would deliver 429 hp, 17 hp more than the Mustang GT’s 5.0 V8 unit, as Car and Driver reports.During a drive test event held in South Korea, Hyundai revealed the fact that it is developing the new engine, which will be called 5.0 liter Tau, starting from 4.6 liter V8 that currently powers the Genesis sedan.The original engine block will be bored out, with the unit receiving a direct injection system. The new Tau powerplant is expected to offer 429 hp at 6,500 rpm and 376 lb-ft at 5,000 rpm.Hyundai’s upcoming 5.0 liter V8 will be matted to an eight speed automatic transmission. The gearbox has been developed in-house and will also be produced by Hyundai.The new V8 5.0 liter Tau engine from Hyundai should become available sometime in mid-2011. The engine is also expected to make its way under the hood of the Genesis sedan.The Genesis is a pretty mad coupe, we have to say: the car seems to be attacking anything that moves (fast) - from MINI Cooper S to Mustang GT.