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Technology Stocks : Energy Conversion Devices -- Ignore unavailable to you. Want to Upgrade?

To: fred whitridge who wrote (2909)	1/5/1999 7:58:00 PM
From: Tom Hoff	Respond to of 8393

U.S. Dept. of Energy Secretary Richardson: Green Cars Comment Detroit, Jan. 5 (Bloomberg) -- The following comments are from U.S. Department of Energy Secretary Bill Richardson on the Partnership for a New Generation of Vehicles, a collaboration of the U.S. government and General Motors Corp., Ford Motor Co. and DaimlerChrysler AG. The research collaboration began in 1993 to seek technology to reduce automobile pollution. Richardson spoke at the North American International Automotive Show in Detroit, where Honda Motor Co. said it will become the first automaker to sell a hybrid electric-gasoline vehicle in the U.S. when its coupe goes on sale in November. ''The PNGV is a success. I've talked to the CEOs and they all feel it is a good program and wanted to see it expanded. We're going to seek a budget increase'' in the first week of February. Toyota Motor Corp. said in August it plans to begin selling a hybrid gas-electric vehicle by late 2000. Both cars achieve fuel economy of about 70 miles per gallon. ''PNGV is primarily a domestic initiative. While we commend the Japanese, the Americans are doing the same. We are not catching up, we're making progress on all fronts. PGNV has a more robust goal of making a hybrid vehicle that can seat five to six passengers and achieve 80 miles per gallon. While what Toyota and Honda did is an important step, we need to push for higher mileage.'' ''Our labs, particularly in Los Altos, are making breakthroughs in infrastructure.'' Richardson also said that creating marketing initiatives such as tax credits for people who buy environmentally friendly technology will be as important as developing the technology itself.