Gov’t eyes annual 200,000 EV exports by 2020

[THE INVESTOR] The government will roll out measures to help local carmakers’ electric vehicle exports to hit 200,000 units in 2020, and raise domestic sales to 80,000 units by the same year, plans revealed on July 7 show.

According to the plans, the government will raise EV subsidy to 14 million won in order to boost sales. The government will launch a project for developing EV batteries that will raise the driving range to over 400 kilometers during the second half of the year. 

In comparison, a subsidy of 12 million won is provided on EVs, and exports of Korean EVs came in at 12,000 units last year.

Regarding hydrogen fuel cell vehicles, the government said that measures will be focused on public transport, with the aim of having 10,000 hydrogen cars on the roads by 2020. Export target for hydrogen-powered vehicles in 2020 is set at 14,000 units.

In addition, a large-scale R&D project will be launched to develop advanced batteries, automated driving-related technologies, flexible displays and automotive semiconductors.

By Choi He-suk (cheesuk@heraldcorp.com)