AM Online

State funds will help Hyundai develop electric vehicles

South Korea will produce mid-size electric cars from 2014, three years earlier than its original schedule, in a state-funded project led by Hyundai Motor.

South Korea's Ministry of Knowledge Economy said it has selected a consortium led by Hyundai to develop a car that can travel more than 200 kilometres (124 miles) on a single charge.

The consortium will receive about 70 billion won ($64.6 million) in state money, it said.

The project will help South Korea become one of the world's top three makers in the increasingly competitive electric auto market, the ministry said in a statement.

South Korea earlier sought to complete development of mid-size electric vehicles in 2017 but competition prompted it to revise its schedule.

Hyundai in September unveiled South Korea's first full-speed electric car, the BlueOn, which can travel 140 kilometres on a single charge.

It plans to produce 2,500 BlueOns by the end of next year.

Hyundai's affiliate Kia Motors also plans to introduce a compact electric vehicle this year.

The Hyundai consortium is also in charge of developing new batteries which will help cut the price of electric vehicles and improve their performance.

If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please register or login.

Login to comment


No comments have been made yet.