South Korea to produce mid-size electric vehicles by 2014

South Korea is set to produce mid-size electric vehicles (EVs) by 2014, which is three years ahead of schedule, according to the government’s Ministry of Knowledge Economy. The Ministry has signed a memorandum of understanding (MOM) with a consortium of automakers, including Hyundai Motor Co., to develop the first mid-size electric vehicle for commercialization by 2014. The ministry’s Green Car Development Plan announced last year planned for the development of mid-size electric vehicles by 2017. “The most outstanding characteristic of this project is that it will try to lower high prices and improve poor performance of electric vehicles that have been considered as an obstacle to promoting wide use of electric cars,” the ministry said. The consortium of 43 partners will develop new batteries to improve the performance of electric cars and lessen recharging time. (August 10, 2011)