Chin-Lung Chang, president of subsidiary Formosa Automobile Corp., declines to give a project timetable. 'Besides Taiwan, our potential for sales includes mainland China, Europe and the United States,' he says.
Formosa Plastics is committed to the project as a goal of its founder and chairman, Y.C. Wang. The company has purchased battery technology from Ovonic Battery Co., of the United States. Eventually, the company wants to produce a car powered by fuel cells.
Formosa Automobile's began assembling Daewoo sedans for sale on the island this year.
'In order to cut the manufacturing cost of electric vehicles, we are working on adjusting the body of a Daewoo vehicle for our needs,' Chang says.