Michael Bloomberg, Mayor of New York City, announced the city is converting its taxi fleet from combustion engines to all hybrids in the next five years.
This offers Hybrid Technologies a large market in which they can potentially receive large revenues. There are a lot of taxicabs in New York City, and the Mayor believes strongly in the plan.
Even though Hybrid vehicles are typically more expensive, they will actually save the city more then $10,000 a year. Bloomberg plans that the number of hybrid taxicabs will increase 250% by October of 2008, and then grow 20% per year until every cab is a hybrid.
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