SEOUL (Reuters) -- Hyundai Motor Co. said Friday that it would spend an additional $260.6 million in the coming years to build 300,000 units of hybrid vehicles.
Hyundai Motor, which controls half of the home market and aims to become a global top five automaker by 2010, has so far spent $87 million to develop gasoline-electric cars.
"Hyundai and affiliate Kia Motors would set up a production system to develop hybrid vehicles, a segment that would become the next-generation growth engine," Chairman Chung Mong-koo said in a speech to mark the company's first hybrid car sold to the government.
It plans to sell 50 hybrids of the compact Click to the government. The fuel-efficient cars, set to run in the capital Seoul and the metropolitan area, took 16 months to develop and cost the company $9 million, Hyundai said in a statement.
Hyundai, which set up a research center with Kia in July last year to develop advanced hybrid cars, planned production and sales of gasoline-electric hybrids for the public from the end of 2006, it said.