SEOUL, March 26 (UPI) -- South Korea's Hyundai Motor Co. said it will enter the hybrid market.
The South Korean car maker and India's third-largest producer of passenger cars said it is planning to launch its first liquid petroleum gas and electric hybrid car by 2010, the Hindustan Times reported.
Hyundai is expected to begin its first mass production with the compact-sized LPG model, the Avante, or Elantra Liquefied Petroleum Injection hybrid as increasing oil and gas prices are driving the market up for more fuel-efficient vehicles worldwide.
By 2010, Hyundai said it plans to introduce mid-sized hybrids that use gasoline and LPG.
"The importance of developing futuristic, environmentally-friendly cars is increasing for sustainable growth," said Hyundai-Kia Chairman Chung Mong Koo. "Therefore, technology for advanced cars, like the hybrid, is imperative. We also plan to produce a small fleet of fuel cell electric vehicles from 2012."
Currently, Hyundai provides hybrid models to government agencies performing pilot projects.
To meet its 2009 mass production target, Hyundai will develop technology, create a mass production system and expand its model lineup in that order.