HK Motors still confident on hybrid cars

NEW YORK - Hybrid Kinetic Motors Co (HK Motors) CEO Wang Chuantao recently refuted claims that his company was incapable of manufacturing natural gas hybrid cars and unable to raise enough funds for the project.

HK Motors, a US subsidiary of the Hong Kong-listed Hybrid Kinetic Group Ltd, stunned the market last year by announcing plans to produce a whopping 1 million hybrid cars a year by 2018.

Most of the billions of US dollars needed for its plants in the United States will be raised through the US federal government EB-5 program. The program by the US Citizen and Immigration Services provides citizenship for individual foreign investors who invest at least $500,000 and create at least 10 jobs for American workers.