Hyundai BlueOn EV – Click above for high-res image gallery

The government of South Korea once had a plan to develop a mid-size, all-electric sedan by the year 2017. It doesn't take much more than elementary math to realize that's six years away. Given that 10,000 Nissan Leafs are already roaming the world's streets, it looks like South Korea has re-considered its timeline and is preparing to cut a full three years off the schedule.

As part of a state-funded project, Hyundai Motors will lead a consortium to develop an EV that can travel more than 124 miles (200 kilometers) on a full charge of its battery pack. In addition, they will also develop new battery technology to cut the price and improve the performance of EVs. The Ministry of Knowledge Economy says this project will help South Korea become one of the top producers of electric vehicles in the world. With the equivalent of $64.6 million in state funds, do you think the consortium has enough money to reach this goal?

While their government may be all right with a 2014 timetable, Hyundai isn't waiting that long to release its own in-house developed EV. The company will release the BlueOn EV next year and hopes to produce 2,500 of them by the end of 2012.

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