Jan. 24, 2008 -- Chrysler president Jim Press says the auto industry should concentrate on researching and developing greener fuels, even if it means taking a short-term financial hit, Reuters reports.

"Alternative technologies have to come first," Press told reporters at the Washington Auto Show. The search for practical, affordable green alternatives to gasoline "may squeeze our ability to invest in other things that may be important," such as developing new product lines, Press said.

The current trend toward fuel-efficient technologies will continue as U.S. automakers struggle to meet new U.S. fuel economy standards, according to Press. "You will see electric drive and hybrid technology in virtually everything," he predicts. "Eventually, every car will be a hybrid at some point."