SKorea targets world electric car market

Oct 08, 2009
President Lee Myung-Bak, pictured, has offered full government support to help South Korean firms secure about 10 percent of the global electric car market by 2015.

President Lee Myung-Bak Thursday offered full government support to help South Korean firms secure about 10 percent of the global electric car market by 2015.

Lee said the country should make all-out efforts to develop the technology.

"The government will extend full support to the auto industry," he said, adding electric cars could become a new growth engine after computer microchips and ships.

His comment came at a meeting of economic policymakers in the research institute of the country's leading auto group Hyundai at Hwaseong south of Seoul.

The Ministry of Knowledge Economy said it is now targeting mass production of from 2011 instead of 2013.

"If all goes according to our plans, local carmakers will be able to grab 10 percent of the global electric car market by 2015," Cho Seok, a deputy minister, told reporters.

The government says it will allocate 400 billion won (341 million dollars) between now and 2014 to support development of high-performance batteries and other related systems.

Separately Hyundai Motor and its affiliate Kia Motors have announced plans to invest 4.1 trillion won by end-2013 to develop fuel-efficient cars and cut carbon emissions.

The group, which controls more than 70 percent of the local auto market, is the world's fifth largest automaker in terms of sales.

(c) 2009 AFP

Explore further: Going nuts? Turkey looks to pistachios to heat new eco-city

add to favorites email to friend print save as pdf

Related Stories

Hyundai-Kia's 3.28 bln dlr 'green' project plans

Jul 22, 2009

South Korea's Hyundai Motor and its affiliate Kia Motors Wednesday announced plans to invest 4.1 trillion won (3.28 billion dollars) by end-2013 to develop fuel-efficient cars and cut carbon emissions.

Germany wants a million electric cars by 2020

Aug 19, 2009

The German government unveiled plans Wednesday to get one million electric cars zipping around the country by 2020, offering sweeteners to jump-start national giants like BMW and Volkswagen into action.

Recommended for you

Obama launches measures to support solar energy in US

Apr 17, 2014

The White House Thursday announced a series of measures aimed at increasing solar energy production in the United States, particularly by encouraging the installation of solar panels in public spaces.

Tailored approach key to cookstove uptake

Apr 17, 2014

Worldwide, programs aiming to give safe, efficient cooking stoves to people in developing countries haven't had complete success—and local research has looked into why.

User comments : 1

Adjust slider to filter visible comments by rank

Display comments: newest first

Lord_jag
not rated yet Oct 13, 2009
I love every aspect on my Hyundai Tiburon. If they make an electric car, you'll have to fight me to get the first one.

More news stories

Health care site flagged in Heartbleed review

People with accounts on the enrollment website for President Barack Obama's signature health care law are being told to change their passwords following an administration-wide review of the government's vulnerability to the ...

Airbnb rental site raises $450 mn

Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.

Impact glass stores biodata for millions of years

(Phys.org) —Bits of plant life encapsulated in molten glass by asteroid and comet impacts millions of years ago give geologists information about climate and life forms on the ancient Earth. Scientists ...