"Back in 2010, Hyundai Motor Co made 230 electric cars for the government, but they ended up being mothballed at a research center outside Seoul due to a lack of charging infrastructure, according to Lee Hyun-soon, R&D chief at the time.In a 2014 book Lee, who developed South Korea’s first gasoline engines, said such electric vehicles were “not realistic”, also citing high battery costs, and that hydrogen cars - a rival clean technology - offered a “bright” future."
Wow, you'd think the R&D chief would have done his research and noted that there was a clear trend in battery costs, even at that time:
No foresight! Go figure.
And yes, his prediction for Hydrogen cars was indeed proven wrong! And now they are scrambling to catch up. Perhaps Elon will spoil their plans with a Model 2?
GXY Price at posting:
$1.05 Sentiment: Buy Disclosure: Held
