Korea starts „big leap“ towards electromobility

February 17, 2016 // By Christoph Hammerschmidt
A group of eight Korean industry heavyweights, including carmaker Hyundai, technology conglomerate Samsung and LG Electronics have aired plans to massively invest into the development of electric vehicles, batteries and related information technology.

According to media reports, the octet will invest within the next two years more than 8 trillion won (5.8 billion euros) into technologies that are related to electromobility. For instance, they will spend 497 billion won for the development of energy saving systems and 6.2 trillion won for electric vehicles. The plan also includes development and industrialisation of renewable energies and associated technologies. For instance, 997 billion won will be spent to develop solar power generation and another 480 billion won for smart grids.

In addition, the government plans to support the companies involved in the program by easing regulations. In addition, the government will support companies developing new business models related to the abovementioned technologies and markets.

At present, automobile companies, battery developers as well as telecommunications and IT companies are already collaborating in an alliance in the area of electric and smart vehicles. In this context, the Ministry of Industry, Trade and Resources is easing regulations on the domestic ESS market and expanding the opening of electric car charging stations to the private sector.

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