TAIPEI – Luxgen Motor Co. Ltd. unveils a prototype of its electric vehicle, jointly developed with California-based AC Propulsion and leading information technology firms in Taiwan.

The yet-to-be-named vehicle initially will be targeted at Asian markets and could arrive in Taiwan by late 2010.

Luxgen Motor, a division of the Yulon Group, was established in May with an investment of NT$2 billion ($62 million). The company will assemble and market vehicles under the Luxgen brand developed by Yulon affiliate Hua-chuang Automobile Information Technical Center Co. Ltd.

Yulon also enters into a joint venture with the Zhejiang Zhoungyu Group to market the Luxgen brand in China and has invested NT$772 million ($23 million) to set up a chain of dealerships.

Luxgen Motor announced earlier this month it is poised to launch its first multipurpose vehicle/minivan, targeted to compete with the Toyota Previa. The new vehicle is nearing mass production and is expected to reach dealers by June. The company also expects to launch an SUV in early 2010.