President Moon Jae-in (Photo: Yonhap News)
South Korea plans to invest more than 20 trillion won, or roughly 17.7 billion dollars, in electric vehicles and other areas of green mobility over the next five years.
President Moon Jae-in announced the plan Friday as part of his administration's ambitious Korean New Deal initiative.
Speaking at a Hyundai Motor plant in the southeastern industrial city of Ulsan, Moon said, "The government is moving fast toward the goal of becoming the No. 1 competitive nation in the future car industry by 2030."
He said their vision is to supply over 1 million electric vehicles and 200,000 hydrogen cars by 2025, while accelerating shipments to North America, Europe and China.
Related industries, including those of secondary battery and auto parts, will get support to develop into a next-generation growth sector with estimated annual sales worth 13 trillion won.
Moon also announced a plan to introduce the world's first fully commercialized level 4 autonomous vehicles by 2027.
Please send comments to tbsefmnews@gmail.com / copyright © tbs. Unauthorized redistribution prohibited.
