|Hyundai Motor Company launched CLICK Hybrid Electric Vehicle (HEV) at Grand Hyatt Seoul on October 1, 2004.
After developing its first HEV, FGV-1, in 1995, Hyundai Motor Company(HMC) has invested KRW 100 billion cumulatively to develop HEVs and to launch CLICK HEV in 2004. HMC plans to accumulate core production technology for next generation environmentally-friendly vehicle by deploying small scale production of MC, successor model of current VERNA with improved fuel efficiency. Hyundai also plans to deploy large scale HEV commercial production and sale by the end of 2006. Furthermore, HMC plans to invest additional KRW 300 billion for establishing 300,000 units commercial production scale by 2010.
To develop environmentally-friendly vehicles and create other environment-related technologies, Hyundai established the Hyundai Eco-technology Research Institute (HERI) in July 2003. HERI is located in Yongin City and is scheduled to open in May 2005. Total investment for HERI is about KRW 30 billion and 300 researchers will be working in HERI.