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Hyundai Motor to launch new hybrid vehicle

South Korea’s leading car manufacturer, Hyundai Motor Co., plans to launch its first dedicated hybrid vehicle later this year.

The hybrid hatchback compact being developed under the name AE will be launched “as early as November,” Yonhap News Agency reported, quoting a company source.

“Its development has almost been completed, and the fine-tuning process is now underway. The car will likely be launched in November given the overall launching schedule for other cars in the second half,” a source close to the matter told Yonhap on the condition of anonymity.

“Its launch could be delayed until December, but it is unlikely since it would coincide with the launch of the Equus, the company’s best and most luxurious large-size sedan,” he said.

This will be the first time Hyundai Motor will sell a vehicle exclusively developed as a hybrid. Previously, it has launched hybrid versions of existing models, such as the Sonata.

The source said that its first dedicated hybrid electric vehicle should exceed the fuel efficiency of the Toyota Prius, the best-selling hybrid vehicle in the world, with the price range of KRW 30 million (USD 25,641). The price range of the Prius is KRW 31.3-37.7 million (USD 26,752-32,222). Its fuel efficiency is about 21 kilometers per liter.