South Korea plans a synergy to develop electric vehicles

During a visit to Hyundai Motor’s manufacturing facility, South Korean President Moon Jae-in announced plans to push the country at the forefront of eco-vehicle development and self-driving vehicle technology. Mr. Moon Jae-in emphasized that the next 5 years will be “golden time” for Korea to rise to the top position.

Specifically, the President of Korea pledged that the country would have 1.13 million electric cars and 200,000 hydrogen fuel cars by 2025. Besides, by 2025, Korea also strives to export 530,000 electric cars and cars. using hydrogen, and at the same time boosting domestic battery manufacturers to generate sales of more than 50 trillion won (approximately $ 44 billion).

South Korean President Moon Jae-in (left) has just announced plans to push the country at the forefront of electric vehicle development and self-driving vehicle technology.

“The market is seeing fierce competition in electric vehicles. Tesla is rolling out models that combine both self-driving and eco-friendly technology. So we need to take some steps. bold and fast to maintain its position as an automotive power and be at the forefront of the fourth industrial revolution, “said Mr. Moon Jae-in.

In July, Korea started to announce a stimulus package called the New Deal, in which the environmental protection car industry will play an important role in the country’s economic growth. The Korean government will invest 20 trillion won (17.6 billion USD) in the environmental vehicle sector between now and 2025.

In this policy package, the Korean government pledged to assist people “can conveniently charge electric cars like charging phones”. As of September, Korea had about 59,000 electric vehicle charging stations; By 2025 the government plans to increase the number to 500,000 charging stations.

To achieve such a goal, it will increase the number of parking spaces with charging stations in newly built buildings, from 0.5% of the total area this year to 5% by 2022. Korea will also installed 15,000 charging stations in the roadside station areas on the expressway.

To encourage hydrogen fuel vehicles, the South Korean government said it will set up 450 hydrogen fuel stations by 2025, especially in Seoul and surrounding areas. In addition, President Moon Jae-in affirmed that from next year the government and state agencies will only buy electric cars or hydrogen fuel vehicles.

The Korean government also announced that it will provide more than 70 billion won ($ 61.6 million) in assistance to battery and engine manufacturers to improve the price competitiveness of electric vehicle parts. The target is that electric cars can lower their prices by an average of 10 million won ($ 8,800).

In terms of self-driving technology, by 2022, Korea aims to produce level 3 autonomous vehicles, and at the same time commercialize some level 4 technologies by 2024. Level 3 means the driver drivers do not need to pay attention to maneuver under certain circumstances.

Based on self-driving technology, the Korean government predicts a 40% reduction in traffic accidents, while the rate of traffic congestion will decrease by 20% by 2025.

According to Korea Times