HK Motors picks Italian design company

MONTGOMERY, Ala. (WALA) - HK Motors is going "Back to the Future". The company that plans to locate in Baldwin County signed a contract with a design company, and unveiled a concept car in Montgomery Tuesday. It's the same design company that helped make the movie from the 1980s memorable.

With photographers surrounding it, HK Motors showed off its concept vehicle for the first time in the United States. Tuesday, the company signed a contract with Italian Car Designer, Guigiaro. They will design the full line of eco-friendly cars, trucks, and SUVs for HK Motors. The sports car was unveiled first, because it's the hardest to build.

"If the new technology can make the best result in a sports car, just imagine how good it will be in a normal car," said Fabrizio Giugiaro of Guigiaro.

It's the same company that designed the DeLorean DMC-12, the model of car used in the movie "Back to the Future".

The chairman of the Baldwin County Commission got a chance to take a seat in the design built exclusively for HK Motors.

"It's for the future and if you look at their design it takes you into the future," said Commissioner Charles Gruber.

But before this car takes off on any Baldwin County road, the money still has to be secured for the facility. In order for any incentives to be offered by the state, HK Motors has to come up with a sizable portion of $1.5 billion.

"We hope to discuss incentives over the next few weeks and months. They want to break ground and get underway later this year. And we want to do everything to support that," said Neal Wade of the Alabama Development Office.

The first HK car was supposed to roll in 2012, but leaders say it will now be 2013, citing usual production delays.

HK Motors Company Profile

Hybrid Kinetic Motors (HK Motors) is a newly established hybrid vehicle company that aims to become a world leading technological enterprise in the development and manufacture of hybrid vehicles, and to provide worldwide customers with vehicles and services that are energy-efficient, safe, environmentally-friendly, strong in performance, and high in quality.

About the founder

From HK Motors Marketing Dept.

Dr. Yung Yeung is the Chairman and founder of HK Motors. He is also the Chairman of Far East Golden Resources, a publicly listed company on the Hong Kong Stock Exchange.From 1992 to 2002, Dr. Yeung was the Chairman, Chief Executive Officer, and President of Brilliance China Automotive Holdings Limited. Brilliance was the first China-based company to acquire a public listing on the New York Stock Exchange in October, 1992. During his tenure there, the company introduced the "Zhonghua" sedan, designed by Giugiaro, and the company's market capitalization increased tenfold. In spite of its importance in China's auto industry, the "Zhonghua" sedan was only one of the many major projects Dr. Yeung accomplished. Under his leadership, Brilliance worked with some of the most renowned international automakers, including GM, BMW, Toyota, Renault, and MG-Rover, on various joint ventures and cooperative projects.

Dr. Yeung was the Chairman and President of Shenyang Jinbei Passenger Vehicle Manufacturing Co. Ltd, a major Chinese minibus manufacturer utilizing Toyota technologies. Under Dr. Yeung's leadership, the once debt-ridden Shenyang Jinbei was made profitable. In 2000, Brilliance Auto invested $230 million together with GM to manufacture Chevrolet SUVs in Shenyang. In June 2001, Brilliance Auto obtained 55% controlling rights of Renault China at Xiaogan, Hubei Province. In October 2001, BMW announced its joint venture with Brilliance Auto to manufacture BMW sedans in Shenyang, and BMW's chairman stated that Dr. Yeung shares "the same value and vision as BMW." Dr. Yeung's achievement of these accomplishments in less than a decade was an unprecedented feat in the Chinese automotive industry. With total assets of $3 billion, the group under Dr. Yeung's leadership then employed more than 47,000 workers in China.

Dr. Yeung holds a Ph.D. in Economics. He serves as a council member of the John Hopkins University SAIS Nanjing Center for Chinese and American Studies. In 2001, Forbes Magazine ranked him as the third wealthiest entrepreneur in China. He was a member of International Who's Who 1995 and an honored resident of the state of Arkansas in 1993.