“We don’t want to make toy-like luxury cars for the minority. We will target the mass market.”
Freeman Shen is the founder and CEO of WM Motor, a Chinese emobility start-up that is looking to launch its first three EV models in the country by 2018 (we reported). The compact cars are said to be offered at a competitive price.
“The entry of Elon Musk’s Tesla into Korea later this year, and car sales next year, will trigger interest in eco-friendly models, which will consequently result in heated competition among local electric-vehicle manufacturers to respond to their increasing demand.”
Lee Hang-ku, a senior researcher at the state-run Korea Institute for Industrial Economics & Trade, warns that even with rising interest in electric mobility, South Korea will fall behind if it does not invest in infrastructure or if local players don’t cooperate on the issue.
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