Hyundai-Kia release first hybrid vehicles

South Korea’s Hyundai-Kia Automotive Group is introducing its first hybrid vehicles and is eager to take on the world hybrid market and its major competitor, Toyota Motor Corp. Toyota rolled out its first hybrids in 1997 and has dominated the market ever since. Hyundai-Kia’s hybrid introductions include the K5 gasoline-electric hybrid and the Sonata hybrid. The company expects to produce 11,500 units of the K5 this year, with 5,500 being targeted at the domestic market. It plans to expand worldwide sales to 20,000 next year. Hyundai will also release its long-awaited Sonata hybrid at the end of this month. The Korean cars will be priced lower than its Japanese competitor. (May 17,2011)