SEOUL — Korea's state-run Electric Power Corporation (KEPCO) is planning to develop an electric car in cooperation with Hyundai and Kia. The parties signed a memorandum of understanding on Monday at KEPCO's headquarters here. They vow to have a viable charger and a test-ready EV by August 2010, with an on-sale date for a car to the general public in 2011.
An important element of the project is the plan to develop a battery charger and charger interface for the car and standardize it, as well as to cooperate on distribution of the new EV.
Hyundai's first hybrid vehicle, the Avante LPi, made its debut at the 2009 Seoul Auto Show in April and went on sale this summer. It has an electric motor and a liquefied petroleum gas engine. Kia released its own LPG/electric hybrid version of its Forte sedan shortly thereafter.
Hyundai and Kia executives said they intend to make the company a leader in the electric-car market. For its part, KEPCO announced in late September that it was planning to spend $2.3 billion on environmentally friendly technology by 2020. Helping set up an EV infrastructure was only one of eight "green" investment areas the company said it would invest in, a Reuters report said.
Inside Line says: Hyundai follows in the footsteps of Daimler and Mitsubishi, both of which are working on EV technology in conjunction with state energy companies. — M.J. Lee, Correspondent
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