The government plans to announce a comprehensive strategy to enhance the competitiveness of the electric vehicle industry this month. The strategy will review industry requests, including production tax credits for electric vehicles and support for the transition of parts manufacturers to future vehicles, as well as plans to improve autonomous driving technology and expand research and development (R&D) for key components.
On November 2, Deputy Prime Minister and Minister of Economy and Finance Lee Hyung-il visited Hyundai Motor's research center in Hwaseong, Gyeonggi Province, where he held a meeting with industry representatives from the electric and autonomous vehicle sectors to discuss the current state of the industry and the need for government support.
During the visit, Lee examined the autonomous vehicles that will be deployed in Gwangju's autonomous driving demonstration city starting in November. He also listened to plans from domestic companies for developing next-generation electric and autonomous vehicles. The vehicles will be used to validate autonomous driving technology based on electric vehicles, with an initial deployment of 200 vehicles by the end of this year and a total of 3,000 vehicles by 2027.
Lee identified the electric vehicle industry as a key area for boosting potential growth rates. He stated, "The next battleground for rebounding potential growth rates is electric vehicles. To survive, we must achieve technology levels comparable to global leaders within the next two to three years, making rapid changes and technological innovations by our companies more urgent than ever."
Industry representatives requested an expansion of government support to respond to intensifying global competition. They proposed measures including the production tax credit for electric vehicles, increased support for parts manufacturers transitioning to future vehicles, legal groundwork for battery leasing, and the expansion of specialized personnel at dedicated autonomous vehicle agencies.
Lee promised to closely review the industry's requests with relevant ministries and to make prompt improvements. Regarding the production tax credit for electric vehicles, he explained that the government would actively participate in discussions in the National Assembly for in-depth discussions.
The government plans to prepare a 'Strategy for Strengthening Electric Vehicle Industry Competitiveness' in November, reflecting the opinions expressed during the meeting. Key components are expected to include enhancing autonomous driving technology and expanding R&D for key components and technologies.
Representatives from the electric and autonomous vehicle sectors, including Hyundai Motor, Myungwha Industrial, THN, Seojin Cam, Autonomous A2Z, and RideFlux, attended the meeting, along with officials from the Ministry of Trade, Industry and Energy, the Ministry of Climate Change and Environment, and the Ministry of Land, Infrastructure and Transport.
* This article has been translated by AI.
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