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Hyundai Heavy Industries Co., Ltd and Hankuk Fiber Co., Ltd completed joint development of ultra low floor electric bus with light-weight body using fiber reinforced plastic and carbon material in 2009, beginning commercial operation of buses circling Seoul downtown and Namsan in December 2010. High-speed charge infrastructure for commercial operation of electric buses was established at the last stop of the routes and the shed of the bus transportation company. In this paper, vehicle specifications and system composition of the developed electric buses are introduced. Performance simulation results were compared with the test results of commercial operation routes. Finally, electric bus operation expenses and effects of greenhouse gas reduction from the economic and environmental aspects were analyzed based on the results of the commercial operation for 17 months when compared to the existing Compressed Natural Gas bus.