CT&T, a South Korean electric car producer, announced yesterday that it will build a facility in Hawaii that will ultimately manufacture up to 10,000 cars annually and employ up to 400 people.
"The islands portray themselves to perfect for our types of vehicles," said CT&T COO Joe White. "The speed limit here, 25 to 25, fits perfectly into our type of vehicle."
The facility is expected to be complete within two years. CT&T is considering four Oahu locations. The construction will cost $35 million to $50 million, and capital investments will likely reach $200 million.
State Governor Linda Lingle and CT&T CEO Lee Young-gi signed an agreement that will allow Hawaii to ease obstacles for the company and offer electric vehicle consumer incentives.
The facility will fabricate small, two-seater cars that can reach speeds of up to 40 miles per hour. The car batteries can last for 30 to 60 miles, and be recharged at electric stations around the state. The cars will cost between $8,000 and $20,000.
Hawaii is developing is sustainable energy resources, particularly electric cars. Its goal is to produce 40 percent of its own power from renewable sources by 2030. Hawaii is the most dependent state in the country on foreign oil, and has the highest gasoline prices in the nation.