The South Korean government announces plans to advance e-mobility both at home and abroad. Local EV subsidies are to help bring the number of electric vehicles in Korea to 430,000 BEVs and 65,000 FCEVs by 2022. Also exports are to multiply that year with manufacturers receiving support.
The government in Seoul has not released any more details on their new EV subsidy policy apart from above targets. However, it is not only the buyers they address but also the industry by offering liquidity support and loan guarantees. Here the government also plans to boost the production capacity of zero emission cars from the current 1.5 percent to more than 10 percent by 2022.
Many of these new electric cars are to increase exports of the country’s car industry. By 2022, exports of electric vehicles shall grow from 36,000 units at present to 250,000 units. The target for fuel cell vehicles is even more ambitious, yet it starts at a low base. Still sales abroad are to increase by factor 17, to 5,000 units per year.
In addition, the South Korean government wants to raise its subsidies for domestic industry in research and development, including in the areas of chips and batteries. The latter industry may expect joint investments with the government to develop key technologies such as solid-state, lithium-sulfur and lithium-metal batteries.