Gov't announces plans to nurture Korea's future car industry
Arirang News
2019-10-15
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The Moon Administration has chosen non-memory chips, bio, and future car as three key industries the government is investing in to help boost innovative growth in the country.
Our business correspondent Kim Hyesung has more on government plans unveiled today... on developing future cars.
The Korean government announced plans on Tuesday to nurture the country's future car industry, including electric cars, hydrogen cars, self-driving cars and flying cars.
"Our goal is to increase the percentage of electric cars and hydrogen cars from 2 percent of the new car market in 2019 to 33 percent by 2030 and their global market share to 10 percent by 2030. We aim to be the first in the world to have level four fully autonomous cars on the roads in Korea by 2027."
The auto industry is crucial to the South Korean economy, making up 7 percent of its GDP and 10 percent of its total exports.
With growth in the global auto industry slowing down and major automakers transitioning to driverless cars, the Korean government aims to boost its competitiveness in future cars, and start services of flying cars by 2025.
It will work closely with the private sector, which is investing more than 50 billion U.S. dollars over the next ten years to produce autonomous cars and related technology.
Hyundai Motor Group is investing near 35 billion dollars by 2025.
For driverless cars, a regulatory framework for issues such as insurance is set to be prepared by 2024.
"Korea's advanced ICT infrastructure can help it lead the future car industry. But it's important to utilize the services sector along with the manufacturing sector to provide a smart mobility service. At the same time, so is nurturing talent in driverless cars, and training existing auto sector workers."
To help increase domestic demand for future cars until there's economy of scale, the government will provide subsidies so the cars are priced at around 33 thousand dollars and encourage public buses, trucks and taxis to switch to electric and hydrogen.
As for infrastructure, the government plans to provide 660 hydrogen fueling stations by 2030 and 15-thousand electric vehicle charging stations by 2025.
Kim Hyesung, Arirang News.
Our business correspondent Kim Hyesung has more on government plans unveiled today... on developing future cars.
The Korean government announced plans on Tuesday to nurture the country's future car industry, including electric cars, hydrogen cars, self-driving cars and flying cars.
"Our goal is to increase the percentage of electric cars and hydrogen cars from 2 percent of the new car market in 2019 to 33 percent by 2030 and their global market share to 10 percent by 2030. We aim to be the first in the world to have level four fully autonomous cars on the roads in Korea by 2027."
The auto industry is crucial to the South Korean economy, making up 7 percent of its GDP and 10 percent of its total exports.
With growth in the global auto industry slowing down and major automakers transitioning to driverless cars, the Korean government aims to boost its competitiveness in future cars, and start services of flying cars by 2025.
It will work closely with the private sector, which is investing more than 50 billion U.S. dollars over the next ten years to produce autonomous cars and related technology.
Hyundai Motor Group is investing near 35 billion dollars by 2025.
For driverless cars, a regulatory framework for issues such as insurance is set to be prepared by 2024.
"Korea's advanced ICT infrastructure can help it lead the future car industry. But it's important to utilize the services sector along with the manufacturing sector to provide a smart mobility service. At the same time, so is nurturing talent in driverless cars, and training existing auto sector workers."
To help increase domestic demand for future cars until there's economy of scale, the government will provide subsidies so the cars are priced at around 33 thousand dollars and encourage public buses, trucks and taxis to switch to electric and hydrogen.
As for infrastructure, the government plans to provide 660 hydrogen fueling stations by 2030 and 15-thousand electric vehicle charging stations by 2025.
Kim Hyesung, Arirang News.
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