US: Hyundai and Kia on track to meet 2016 fuel standards

Hyundai and Kia are expected to meet new U.S. fuel economy standards by the end of 2015, according to a company document seen on Thursday.

The U.S. government, under the Obama administration, has recently announced tougher fuel economy standards, which will require passenger vehicles sold in America to achieve at least 35.5 miles per gallon by 2016. This has been imposed in order to cut carbon emissions and reduce gasoline consumption.

According to an internal document, Hyundai and Kia plan to increase average fuel economy of their passenger vehicles for U.S. exports to 30 miles per gallon in 2010, 31.5 in 2012 and 35 in 2015, compared with 28.7 in 2007. As part of their plan to embrace the new standards, Hyundai plans to introduce its first gas-electric hybrid version of the Sonata in the U.S. next year. The Sonata Hybrid will use the industry's first lithium polymer battery, developed by LG Chem. LG Chem is also the battery supplier for the upcoming Chevrolet Volt.

[Source: Trading Markets]

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