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Korea: Hyundai Motor Group to Launch Third All-Electric Car in 2014

Hyundai Motor Group, the world’s fifth-largest car maker, plans to launch its third all-electric car in the South Korean market in 2014 based on affiliate Kia Motors Corp.’s (000270.SE) Soul sports-utility vehicle in an effort to accelerate ahead of its domestic rivals in the segment.
The move to introduce the Kia-based model is part of the car maker’s strategy to have a diverse electric-car lineup over the next few years, Yoo Kiho, director of Hyundai’s Fuel Cell Vehicle Team, told Dow Jones Newswires Thursday on the sidelines of a government-led green car workshop.
It remains to be seen which Korean car maker will be the first to launch an electric car in the local market. Kia is on course to unveil its first electric car based on its Ray box-type car in 2013 while rival Renault Samsung Motors Corp., the South Korean unit of Renault S.A. (RNO.FR), had said it will sell the SM3 ZE electric car in the same year.
Hyundai Motor Co. Ltd. (005380.SE), a subsidiary of South Korea’s largest automotive group, plans to debut its electric car based on the Elantra compact in 2014, when BMW will also enter the local electric car market with its i3 model.

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