Originally published February 6 2006
Government of South Korea encourages development of hybrid car manufacturing with new benefits package
by Mike Adams, the Health Ranger, NaturalNews Editor
Kia Motors and Hyundai stand to benefit from the latest proposals made by the South Korean government, which promise to enhance research and development efforts through a combination of tax benefits and subsidies.
South Korea's government joined the country's major carmaker's drive to commercialize hybrid-engined cars by promising a package of research and development subsidies and tax benefits.
Hybrid cars are powered by both electricity and gasoline: when driven at low speed, they are powered by electricity, but are powered by internal combustion engines for high speeds.
The government announced Wednesday a five-year plan to develop and widely diffuse hybrid cars so the country's major automakers, Hyundai Motor Company and Kia Motors Corporation, can produce up to 300,000 units per year by 2010.
So far Hyundai Motor has supplied 250 hybrid cars to government offices since 2004.
These cars are as large as gasoline-engined medium-sized passenger cars, but are are more fuel efficient at 18 kilometres per liter, as opposed to the 12.5 kilometres per liter of regular autos.
Government officials who have been driving hybrid cars from Hyundai Motor said they were happy with the performance, amenities and lower fuel costs.
The administration has paid about 36,700 U.S. dollars for each hybrid car, which is a far short of the minimum 100,000 dollars that cost to produce each unit.
Meanwhile, Hyundai Motor also said it will launch a commercial campaign to sell fuel cell-powered cars in the U.S. by 2010.
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