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South Korea To Give Hybrid Cars Same Benefits as Subcompacts March 2005The South Korean government has decided to provide benefits for hybrid cars similar to those given for subcompact models in an effort to save energy and cut air pollution, officials said Monday.The South Korean government has decided to provide benefits for hybrid cars similar to those given for subcompact models in an effort to save energy and cut air pollution, officials said Monday. Hybrid cars draw power from at least two energy sources, typically a gas or diesel engine combined with an electric motor. Surplus engine power and energy produced by braking are used to continually recharge the vehicle's battery. "Compared with 800-cc subcompacts, hybrids are more efficient and environmentally friendly in the long term," said an official at the Ministry of Finance and Economy. "Additional benefits are in the pipeline in the near future." Among other things, hybrid cars will receive a 50 per cent cut in expressway toll fees and their insurance premiums will be lowered to the level of subcompacts, he said. Domestic automakers are trying to convince consumers that hybrids can be just as powerful as traditional vehicles, with Hyundai Motor Co. (KSE:005380) and its affiliate Kia Motors Corp. (KSE:000270) producing some hybrid models. "We are providing hybrid cars only for the public sector this year, but they will start to be sold to general consumers starting from the second half of next year," a Hyundai Motor official said. "Hybrid cars will soon be popular because of various expected benefits and government subsidies." SOURCE: Express Newsline | ||
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