Hyundai Motor Group to Launch Electric Car in 2014

By Matthew Askari | June 29, 2012
Hyundai is reported to be planning a 2014 launch of an electric car, based on affiliated Kia brand's Soul electric car. Hyundai will base its electric car on the Elantra. The new EV will first launch in South Korea, spurring Hyundai Motor Group's plan of becoming a leading automaker in the segment in the coming years. According to a report in Fox Business, Hyundai "aims to sell mainly all-electric cars in the domestic market and export fuel-cell electric cars to European and U.S. markets due to their established fuel-cell charging infrastructure." South Korea is hoping to greatly increase the number of charging stations—currently 540—to over 3000 by the end of this year. The South Korean Environment Ministry is also asking the government to grant incentives that could spur the purchase and use of such cars. In the U.S., the government and individual states have adopted a varied approach for Hybrid and electric cars that have included: tax incentives; rebates; parking meter exemptions; and HOV lane exceptions throughout the years.
Source: Fox Business