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Korean gov’t to lower cost of EV recharging, develop electric truck

By Korea Herald

Published : July 18, 2016 - 17:21

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[THE INVESTOR] South Korea will halve the cost of recharging electric cars, and increase investment in related fields as part of its EV development strategy.

Under the Ministry of Trade, Industry and Energy’s plans revealed on July 18, the government will also launch R&D programs aimed at doubling EVs’ driving range, and to develop electricity powered small truck with 1 metric ton load capacity.

Hyundai Motor's IONIQ Hyundai Motor's IONIQ


“(The government) will speed up providing support in R&D, incentives and other means to develop EVs as a major export item by 2020,” Vice Minister Woo Tae-hee said at the energy policy briefing.

Under the plans, the government hopes to push up South Korea’s EV exports to 200,000 units by 2020. South Korea’s EV exports tallied in at 12,000 units last year.

As part of the measures, the government will halve the price of recharging EVs from September, and maintain the subsidy at 14 million won (US$12,300), which was raised from 12 million won on July 8.

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

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