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S. Korea to invest $33 billion over five years in future vehicles

2018.02.04 12:14:14 | 2018.02.04 12:15:45
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South Korea pledged to invest 35 trillion won ($32.6 billion) over the next five years in developing future vehicles including an all-electric car that can travel more than 500 kilometers on a single charge and building related infrastructure such as EV charging stations across the country.

The Ministry of Trade, Industry and Energy and the Ministry of Land, Infrastructure and Transport on Friday presented an outline of the government’s plans to develop the country’s future vehicle industry and establish a smart transportation system for autonomous vehicles with a private-public investment of 35 trillion won or more over the next five years.

Thanks to the investment, the government expects about 3,500 jobs to be created this year in the future vehicles industry that includes electric and self-driving vehicles, batteries, and services sectors.

Under the latest plan, the government aims to develop an all-electric vehicle that can travel 500 kilometers or more on a single charge and also a super charger that can store battery at double the current speed. It also plans to build 1,500 rapid charging stations every year to increase the number to 10,000 by 2022, similar to the number of gas stations across the country.

The government will continue to provide electric vehicle subsidies until 2022 and plans to allocate additional funds this year if necessary.

As part of efforts to boost the country’s autonomous vehicle technology, the government will strive to develop core components such as radars and image sensors with indigenous technologies and develop self-driving communications technology based on 5G connectivity. It will also establish necessary infrastructure on major roads and expressways by 2022 for autonomous vehicles.

By Seok Min-soo and Lee Eun-joo

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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