Hyundai to focus on production of hybrids

Hyundai Motor Co. plans to be producing 300,000 gasoline-electric or diesel-electric powered vehicles annually by 2015.

The company aims to develop cars with fuel efficiency that is 50% greater than current models, the South Korean Ministry of Commerce, Industry and Energy said. The plan includes production from Hyundai affiliate Kia Motors Corp.

Hyundai is trying to catch up with Japanese automakers Toyota Motor Corp. and Honda Motor Co., which already sell hybrid vehicles. Hyundai will begin production of hybrid vehicles in 2009, the ministry said.