Hybrid and Electric Vehicle Sales to Increase as Major Car Companies Jump on Board

Currently hybrid and electric vehicles constitute only 3% of the world market for cars.  However, if actions by major car manufacturers are any indication, it looks as though that number will be on the rise throughout the near future.

As governments continue to put funding behind fuel efficient transportation technology, more car manufacturers are jumping on board to produce fuel efficient vehicles. 

For instance, Volkswagen (ETR:VOW), which has previously shown tepid interest in manufacturing hybrid and electric cars, recently showed off the Compact Coupe--a hybrid concept car.  According to VW, the Compact Coupe has a fuel economy of 45 miles to the gallon; however, The German manufacturer has not committed to building the Compact Coupe.  In 2009, Volkswagen also presented its E-Up, an all-electric car that comes with an electric scooter.  E-Up is expected to be available in 2013.  Volkswagen has also designed a diesel hybrid concept car, which can get an unimaginable 170 miles per gallon.

Likewise Ford and Hyundai have taken big strides on hybrid and electric vehicle technology.  Hyundai introduced its state-of-the-art plug-in hybrid technology last year, while Ford (NYSE:F) plans on having its first all-electric vehicle available this year. 

Some analysts estimate hybrid and electric vehicles could constitute at least 25% of car sales by 2020.

Read the full story at Greentech Media:  Hybrids from Volkswagen, Hyundai and Honda in Detroit. Plus, Ford Plunks $450 Million into Electrics

Image courtesy of Volkswagen Media