South Korean automaker Hyundai Motor Group last week said it will invest 4.1 trillion won ($3.28 billion) to make its vehicles more eco-friendly by 2013.
The group, which owns Hyundai Motor Co. and Kia Motors Corp., said 2.2 trillion won will be spent developing hybrid vehicles and 1.4 trillion won will go towards increasing fuel efficiency of its internal combustion engines. The remainder will be spent cutting emissions at energy facilities, according to a Reuters report.
The Group did not say when hybrid vehicles would be introduced to the market.
Hyundai Motor Group is the world’s fifth-largest automaker.
The investments are being driven, in part, by the South Korean government, which recently announced plans to invest 107 trillion won in the environmental sector. As part of a nationwide push to increase the environmental performance of its industries, the government is requiring automakers to achieve more stringent fue-efficiency requirements.
Another South Korean corporation, electronics-maker Samsung, also announced several billion dollars worth of investments to improve the energy efficiency of its products by 2013.
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Following the publication of a story in the Nikkei business daily, Japanese automaker Nissan (7201.T) spoke with Reuters to clarify its plans for developing hybrid vehicle technology as a bridge to all-electric vehicles.
Read the report at the link below.
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