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S. Korea: Gov't Announces 5-Year Plan to Boost Green Auto Industry
Source: english.chosun.com
Source Date: Tuesday, December 07, 2010
Focus: Institution and HR Management
Country: Korea (Republic of)
Created: Dec 13, 2010

The government has unveiled a plan to nurture the eco-friendly vehicle industry over the next five years. The joint plan was announced Monday by the ministries of knowledge economy, environment, and land, transport and maritime affairs as well as the presidential committee on green growth.

The plan aims for production of 1.2 million eco-friendly vehicles, exports of 900,000, and a 21-percent market share in the domestic market by 2015.

The government will expand incentives including subsidies of up to W3.1 million (US$=W1,134) for buyers of electric cars, and develop eight green technologies for auto components such as motors and batteries. Some 20,000 charging stations for electric cars will be installed across the nation.

Meanwhile, Hyundai Motor will set up a small-scale production line for its BlueOn electric car which will be supplied to public agencies, while Kia Motors will expand its production line to be able to manufacture 2,000 electric cars per year by the end of 2011.

The government also plans to encourage both Renault Samsung Motors and GM Daewoo to begin producing electric cars based on existing models. Investment for green vehicles is expected to soar from W1.3 trillion in 2006-2010 to W3.1 trillion from 2011 to 2015.
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