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| Industry Minister Lee Chang-yang, fourth from left, speaks during a meeting with automotive industry officials at the Korea Chamber of Commerce and Industry (KCCI) in Seoul, Wednesday. Yonhap |
By Lee Kyung-min
The government will seek a more than 12-fold increase in global sales of Korean-made electric vehicles (EVs) over the next eight years, pushing the country's market share up to 12 percent from 5 percent by 2030, the industry ministry said Wednesday.
This is part of a long-term growth strategy to solidify the global standings of domestic carmakers, underpinned by government assistance to build and advance infrastructure, create a sustainable industrial ecosystem, fortify supply chain stability and foster promising autonomous driving and mobility market players.
According to automotive industry policy directives unveiled by the Ministry of Trade, Industry and Energy, around 95 trillion won ($65 billion) in investments will be facilitated to bolster the industry, including tax incentives and nurturing of over 30,000 automotive experts by 2030.
Key vehicle software, including operating systems (OS) and over-the-air (OTA) wireless updates, will be made by local manufacturers by 2026, a critical factor in fortifying the competitive edge of EVs, enabled by closer cooperation with local manufacturers of high-tech semiconductors.
Global EV player
"The public-private cooperation will help local car manufacturers navigate a slew of global uncertainties," Industry Minister Lee Chang-yang said, Wednesday, at the Korea Chamber of Commerce and Industry (KCCI) in Seoul. "The government will maintain close communication with the industry and fine-tune specifics to best help them gain a competitive edge on the global stage."
The remarks were made at the beginning of the meeting attended by officials of key car manufacturers, IT firms, industry associations and research institutes.
The ministry plans to increase the number of Korean-made EVs to 3.3 million worldwide by 2030, up from 254,000 as of last year.
The market share of Korea's 16 key EV parts, including processors, sensors and electric chips, will be increased to 6.6 percent in the same period, up from 3.3 percent as of last year.
The time needed to charge an EV battery to 80 percent will be reduced to five minutes by 2030, down from 18 minutes. The driving distance on one charge will be increased to 600 kilometers, up from the current 500 kilometers.
The ministry will secure batteries that meet the requirements of the highly contentious U.S. Inflation Reduction Act (IRA), a protectionist measure that denies state subsidies to purchasers of Korea-made EVs and EV batteries.
Over 90 percent of key imported EV parts, including large motors and high-speed bearings, will be manufactured locally by 2030, up from the current 70 percent.
A comprehensive research complex will be built in 2024 to test and commercialize parts needed for autonomous driving.
The industry and land ministries will cooperate to enhance public transportation services, especially for the elderly and physically challenged.
Also, a major overhaul of regulations will be in store in the first half of next year, to lower the entry bar for promising new market players.
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