This photo provided by Hyundai Motor shows the all-electric crossover IONIQ 5. (Yonhap)
South Korea plans to invest 397.5 billion won ($ 318 million) in the construction of charging stations for electric and hydrogen-powered vehicles this year in a bid to boost the next-generation automotive industry, a senior government official said on Tuesday.
The government also plans to focus on building infrastructure and developing technologies for self-driving vehicles this year, according to First Deputy Finance Minister Lee Yog-weon.
“The government will continue to build political support for the next-generation automotive sector in an effort to help sharpen the industry’s competitive advantage and take a leading role in the global market,” Lee said during a visit to a research center of leading automaker Hyundai. Motor Co. in Hwaseong, south of Seoul.
The country has identified the memoryless, bio-health and next-generation chip sectors as three key industries it seeks to foster job creation and innovation-driven growth.
Earlier, the government said it planned to provide more support for zero-emission cars in a bid to help the country better meet its greenhouse gas emission targets.
South Korea aims to increase the total number of environmentally friendly vehicles to 4.5 million by 2030, including EV 3.62 million. (Yonhap)