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Korea and the U.S. agreed in their just concluded free trade negotiations to reduce tariffs on hybrid cars by 0.8 percent a year over the next 10 years until levies disappear completely. Japanese cars manufactured in the U.S. will hit the Korean market without tariffs, as the two agreed to recognize cars with more than 50 percent of U.S.-made components as made in America.
The Ministry of Commerce, Industry and Energy on Wednesday said Hyundai Motor will complete development of its own hybrid cars by 2009 and produce 300,000 units a year of the environmentally friendly automobiles that run on both gasoline and electricity, by 2015. The extended tariff removal period will therefore give domestic carmakers time to sharpen their competitive edge. The government will also offer tax breaks to encourage the use of the environment-friendly autos.
(englishnews@chosun.com )
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