A South Korean company plans to enter the U.S. market with a low-speed electric vehicle for cities and gated communities.
The outfit, CT&T Co. Ltd., says it will also manufacture the vehicles in the United States and employ as many as 2,600 workers by 2014. The company, founded in 2002 by a former Hyundai executive, Young Gi Lee, is looking to establish its headquarters and manufacturing facility in either South Carolina, North Carolina, Georgia, Alabama or California, the company said in a statement.
The company expects to begin marketing its small c-Zone utility vehicle for commercial and government fleets by the fourth quarter. Prices, the company said, range from $8,000 to $16,000.
CT&T says it also plans to manufacture batteries for electric and hybrid vehicles in the United States and market them to other manufacturers.