S. Korea aims to mass produce electric cars starting in 2011

By Lee Joon-seung
SEOUL, Oct. 8 (Yonhap) -- South Korea plans to speed up mass production of
electric cars to better cope with global environmental protection trends and high
fuel prices, the government said Thursday.
The plan, outlined at a meeting of economic policymakers chaired by President Lee
Myung-bak, calls for full-scale production of electricity driven cars in the
second half of 2011 from the original target date of around 2013.
The Ministry of Knowledge Economy said that the new goal can permit the country
to better meet stringent car emission standards being implemented abroad, cope
with high fuel prices and allow the country to pursue low-carbon growth that is
vital for sustainable growth.
The United States and the European Union have all said they plan to enforce tough
greenhouse emission standards for cars in the coming years that will make export
difficult if South Koreans cars fails to make electric cars.
The ministry said that by moving forward development South Korean automakers will
be in a good position to grab the emerging global market for eco-friendly
vehicles.
"If all goes according to plan, local carmakers should be able to grab 10 percent
of the global market for electric cars by 2015, with 10 percent of all
small-sized cars sold in the country being electricity driven vehicles by 2020,"
said Cho Seok, a deputy minister at the Ministry of Knowledge Economy.
Such growth will ensure South Korea ranks among the top four electric car makers
in the world, he said.
The exact size of state funds that will be used has not been set. It will come
from the larger state research and development (R&D) fund earmarked for
eco-friendly technology.
Seoul has already said it will spend around 400 billion won (US$342.6 million) by
2014 to help R&D to make high-performance batteries and other related systems
needed to manufacture electric cars.
The total does not include funds to be used by carmakers like Hyundai Motor Co.
and Kia Motors Corp.
South Korean companies currently build and market fuel efficient hybrid electric
vehicles.
yonngong@yna.co.kr
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