Hybrid Kinetic aims to make cheap "green" auto parts in China

HONG KONG, Dec 13 (BestGrowthStock) – Hybrid Kinetic Group (1188.HK: ),
controlled by Chinese exiled tycoon Yang Rong, plans to produce
low-cost auto parts in China, allowing local automakers to sell
clean-technology vehicles at conventional car prices, its chief
executive officer said on Monday.

This marks a shift from Yang’s original plan of making 3
million clean-energy vehicles a year in China. Yang fled the
country in 2002 for the United States after being accused of
economic crimes.

Chuantao Wang, a prize-winning engineer based in California,
said the company had identified a site for the production of five
key parts — battery, motor, engine, compressor and transmission
— for green vehicles in China’s Shandong province from
2012/2013.

The company’s initial capacity can provide 500,000 vehicles a
year for the five components, which will have a combined
estimated selling cost of about 80,000 yuan (about $12,000).

“The company will fund the project by internal resources and
we will have some investors and industry partners,” Wang told
reporters in Hong Kong. But he would not give any financial terms
for the project.
($1=6.655 Yuan)
(Reporting by Alison Leung; Editing by Ken Wills)

Hybrid Kinetic aims to make cheap "green" auto parts in China