New Electric Cars for China
Hyundai's been on the ascendency these past few years, and they've decided to make a new electric vehicle brand only for the Chinese market, in partnership with Beijing Automotive (the Chinese government normally forces companies from outside the country to form joint ventures with local companies, mostly as a way to transfer technology).
Plans are to start marketing the first electric car from the new brand in the first half of 2012, which means they've been working on it awhile, or it’s based on another EV model that Hyundai plans to release elsewhere. And maybe the Chinese experience will help make EVs more affordable around the world...
China has been encouraging its automakers to jump into the growing market of hybrid and electric cars so they will be able to vie with global competitors. The Chinese government said earlier that it will invest more than 100 billion Yuan (US$15.5 billion) to help nurture the new car industry over 10 years, opening this year.
In May, the Chinese government begin a plan to subsidize private purchases of alternative fuel cars in five cities Shanghai, Hangzhou, Changchun, Hefei and Shenzhen offering carmakers up to 50,000 yuan for each plug-in hybrid car and a maximum of 60,000 yuan for each full electric vehicle.
Chen Qingquan, chairman of the World Electric Vehicle Association, projected that the volume of new energy vehicles will attain 500,000 by 2015 in China and double to 1 million by 2020.