SINGAPORE: Hong Kong announced on Wednesday that it is stepping up efforts to give eco-friendly cars the green light.
Some 200 electric vehicles are expected to hit the streets of Hong Kong in the next financial year. The government is said to be in talks with two power companies to launch an electric vehicle leasing scheme by the end of 2010.
LG Chemical, South Korea's largest chemical firm by sales, has also announced that it is investing US$303 million in an electric vehicle battery plant in Michigan.
However, experts in Singapore said that more education and incentives are needed for consumers to take the driver's seat in going green.
While educational institutions, such as the National University of Singapore, continue to develop green technology, more manufacturers are expected to stick a green label on future vehicles.
Sichuan Tengzhong Heavy Industrial Machinery is expected to develop electric and renewable fuel models under the Hummer brand, following General Motors' sale of its Hummer truck brand to the Chinese machine maker.
But experts said growth and demand for such products is dependent on cost.
"The pricing barrier is the one that caps the growth. But once that is capped, the cost of running the electric vehicles is 5 to 6 times less then the gasoline car and the growth will be exponential," said Lim Kian Wee, founder and executive director, AMPLE WORLD.
Driving an electric vehicle in Singapore for example could cost somewhere around S$6 to power up, in comparison to the equivalent of S$80 or S$90 in gasoline.
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