Korean car maker Hyundai Motor Corporation is planning develop its own hybrid technology that run on alternate fuels to counter the soaring oil prices. The company will initially manufacture hybrid variants of Accent, Sonata and Avante sedans in Korea and later introduce them in India.

Seok San Jang, a senior vice president for Hyundai’s international business operations, stated that with soaring oil prices and a global outcry to cut down tailpipe emissions, hybrids have almost become a necessity for customers.Hyundai will sell its range of hybrids in Korea in 2009, which will be followed by sales across the globe.

He also pointed out that India was the hub for small cars and the company would introduce small hybrids to cater to one of the fastest growing car market in the world.

Hyundai is the second-largest car maker in India and the company set up a second plant last year, to increase production to 600,000 units annually.

Through this fiscal year, the company targets 520,000 cars, of which 318,000 will be sold in the domestic market and the rest will be exported. Hyundai has sold amost 1 lakh i10 hatchbacks, in the first year of its launch in India and is planning to introduce a 1.1 litre diesel engine version of the hatch.

source:domain-b.com