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Swatch founder aims for today's 'smart car'.

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The car is to be cheap, clean and small--reminiscent of the 'Swatchmobile' that he wanted to develop in the 1990s.

Nicolas Hayek, head of Swatch Group, plans to develop an affordable 'green' vehicle whose fuel cell batteries produce an electrical charge from hydrogen and oxygen and emit only water and heat. He is aiming to have cars in production by 2010.

Fuel cell vehicles are in development by Honda and General Motors, but the technology remains problematic and costly.

Hayek and his partners, Swiss energy firm Group E and the Paul Scherrer Research Institute, plan to invest SFr 20-50 million.

"In Switzerland, like elsewhere in the world, we are going far...

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