Korea’s 1st electric car

R&D key to future growth engine

Korea has emerged as a nation to speed up the mass production of electric cars. Hyundai Motor, the world’s fifth-largest automaker, unveiled the nation’s first full-speed electric car, the BlueOn, at the presidential compound last Thursday. It can be said that the new eco-friendly automobile has become the epitome of the country’s drive for low-carbon, green growth.

First of all, the development of the car is the direct result of the nation’s technological breakthrough. Hyundai has successfully jumped into the electric car race that was initiated by Japanese carmakers. Mitsubishi Motors began rolling out the iMiEV electric car last year, while Nissan Motor plans to mass produce its Leaf model later this year.

Hyundai could lead the world market if it doubles its efforts to make technological innovations to commercialize the prototype model. But, if it neglects this, it would lag far behind global giants that are jockeying for a dominant position down the road. The company cannot achieve its ambitious goal of taking the No. 3 slot in the world without winning the to-be-intensified battle for green cars.

The BlueOn’s debut has also drawn keen attention because Hyundai teamed up with 44 local companies, including 34 small and medium enterprises (SMEs). That is, the car has set a new example of close cooperation between large corporations and SMEs. For mass production, Hyundai and other carmakers should forge closer partnerships with their subcontractors based on a win-win strategy.

The 40-billion-won ($34.3-million) BlueOn project has also shown that enhanced collaboration between the government, research institutes and businesses is pivotal to fueling the nation’s future growth engine. Individual companies alone cannot develop state-of-the-art green technologies without state support and cooperation for research and development.

The car equipped with an electric motor and lithium-ion polymer batteries can reach as fast as 130km per hour and run for up to 140km on a single charge. Hyundai plans to let electric cars replace 10 percent of small sedans in the local market by 2014 and 20 percent of all passenger cars by 2020.

For the success of electric cars, Hyundai and other domestic automakers should overcome many obstacles, including high price tags, the short driving distance on a single charge and a lack of recharging stations. Most of all, the future of the green car industry will depend on technological advancements.