Will these folks see our batteries as "long lasting" enough?
Taiwan Chemical Giant To Make Cars
.c The Associated Press
TAIPEI, Taiwan (AP) -- Formosa Plastics Group, Taiwan's largest business conglomerate, said Thursday it will invest $2 billion to make electric cars and auto parts, primarily for export.
Chairman Wang Yung-ching said the chemical giant hopes to capitalize on lower tariffs on Taiwanese cars following Taiwan's admission by the World Trade Organization, which is expected late this year.
The group chose to make electric cars because Taiwan's conventional car production has fallen too far behind other countries for it to catch up, Wang said.
''In the past few years, we have focused on chemical products, but our next target will be the electric cars,'' Wang told a shareholders meeting.
Construction of the auto plant will begin in three years after a new industrial park in northern Taoyuan County is ready to accommodate factories, Formosa officials said.
The Formosa auto plant is expected to turn out 500,000 electric cars a year after mass production begins in 2006, they said.
The group has held discussions with several foreign car makers, including Renault of France, about possible technology transfer, they said.
Officials said they believe there will be a huge market for electric cars once technologies become available to produce longer-lasting batteries.
Formosa Plastics' plan comes at a time Taiwanese makers of conventional cars are bracing for a hard time because of competition from foreign carmakers after Taiwan is admitted to the WTO.
Taiwan has agreed to phase down its car import duties from the current 30 percent to 17.5 percent by 2008 |
