KoreaTechToday - Korea's Leading Tech and Startup Media Platform
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government
No Result
View All Result
KoreaTechToday - Korea's Leading Tech and Startup Media Platform
No Result
View All Result
Home Automobile

South Korea Pushes Lower Green Car Costs for Carbon-Neutrality Goals

 799 total views,  1 views today

KoreaTechToday Editor by KoreaTechToday Editor
PUBLISHED: February 22, 2021 UPDATED: February 23, 2021
in Automobile, South Korea, Tech Industry
0
South Korea targets to lower green car costs in collaboration with various industries and sectors for achieving the country’s 2050 carbon-neutrality goals .
South Korea targets to lower green car costs in collaboration with various industries and sectors for achieving the country’s 2050 carbon-neutrality goals .

South Korea targets to lower green car costs in collaboration with various industries and sectors for achieving the country’s 2050 carbon-neutrality goals .

South Korea has established plans to develop the green car sector to achieve its carbon-neutrality goals by 2050. Last year, South Korea announced its aim of becoming carbon neutral as an active response to growing climate emergencies. According to the Ministry of Trade, Industry, and Energy (MOTIE), South Korea produced the most hydrogen-powered cars last year. Aside from being the fourth-largest electric vehicle (EV) exporter throughout the world, Korea also had the most hydrogen-powered vehicles on the road.

Following the 2050 carbon-neutrality goal, government agencies, automobile companies, and battery suppliers combine efforts to lower electric vehicles’ costs by over KRW 10 million (USD 9,000) by 2025. In addition to lowering EV prices, the government plans to phase out internal combustion engine vehicles gradually.

The government encourages the public to acquire electric, hydrogen-powered, or hybrids for their new vehicle purchases. If a customer purchases an EV, they can receive a subsidy of up to USD 17,000 from the government. The central and local governments would also give public vehicle companies incentives to replace their existing units with green cars.

Through close cooperation with other industries, the government aims to commercialize 7.8 million eco-friendly vehicles by 2025 and to cut greenhouse gas emissions from automobiles by 24% by 2030. The government’s outline also targets to construct more EV chargers and increase the number to over 500,000 by 2025. Besides promoting EV platforms, South Korea would invest in battery and fuel cell material research and development. This month, Prime Minister Chung Sye-Kyun attended a meeting with various automakers and battery manufacturers to establish a battery-leasing system.

Partnership with Various Companies

“It will be an opportunity for Korea to leap forward as a leader in the automobile industry in the midst of rapid changes,” said Prime Minister Chung. “Let’s strengthen our capabilities and adapt to changes through solidarity and cooperation between the government and companies.”

In the battery-leasing system, electric taxis and customers would benefit from the optimized battery usage and lowered EV prices. Prime Minister Chung also stated the government’s plan would help accelerate Korea’s transition to eco-friendly vehicles. Additionally, the outline would advance EV-related innovations, helping Korean automobile companies secure their places in international markets.

Check out other must-read articles from KoreaTechToday:

  • LG Chem Announces Carbon Neutrality Goals at World Economic Forum
  • Lotte Group Promotes Eco-Friendly Chemical Biz ‘Green Promise 2030’
  • LG Chem Unveils “Carbon-neutral Growth 2050” to Cut Carbon Emissions
  • South Korea to Build World’s Largest Offshore Wind Power Project by 2030
What’s your thoughts?
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
Tags: carbon neutralitycarbon-neutraleco-friendly vehicleselectric vehiclegreen carSouth Korean

Related Posts

South Korea gears up to bring World Expo 2030 to Busan
South Korea targets to lower green car costs in collaboration with various industries and sectors for achieving the country’s 2050 carbon-neutrality goals .
South Korea

South Korea gears up to bring World Expo 2030 to Busan

March 11, 2023
South Korea to commercialize Quantum Cryptography Communications
South Korea targets to lower green car costs in collaboration with various industries and sectors for achieving the country’s 2050 carbon-neutrality goals .
Tech Industry

South Korea to commercialize Quantum Cryptography Communications

March 10, 2023
South Korea plans Urban Air Mobility Air Taxi services by 2025
South Korea targets to lower green car costs in collaboration with various industries and sectors for achieving the country’s 2050 carbon-neutrality goals .
Tech Industry

South Korea plans Urban Air Mobility Air Taxi services by 2025

February 24, 2023
Samsung headquarters
South Korea targets to lower green car costs in collaboration with various industries and sectors for achieving the country’s 2050 carbon-neutrality goals .
South Korea

Korea’s top 100 companies’ economic contribution soar by 20%  in 9 years

July 20, 2022
South Korea curbs tech leaks to foreign countries
South Korea targets to lower green car costs in collaboration with various industries and sectors for achieving the country’s 2050 carbon-neutrality goals .
South Korea

South Korea curbs tech leaks to foreign countries

February 8, 2022
Hyundai Rotem set to provide upgraded army tank variants to South Korea
South Korea targets to lower green car costs in collaboration with various industries and sectors for achieving the country’s 2050 carbon-neutrality goals .
South Korea

Hyundai Rotem set to provide upgraded army tank variants to South Korea

February 2, 2022
No Result
View All Result

Follow Us

FREE NEWSLETTER




PRODUCTS

Most Popular

  • 5 Best Korean to English Translation Apps

    0 shares
    Share 0 Tweet 0
  • Top South Korean Tech Products to Look Out for in 2021

    0 shares
    Share 0 Tweet 0
  • Robots to help Police Patrol in South Korea

    0 shares
    Share 0 Tweet 0
  • 5 All-Time Best Rom-Com K-Dramas to Watch

    0 shares
    Share 0 Tweet 0
  • South Korea plans Urban Air Mobility Air Taxi services by 2025

    0 shares
    Share 0 Tweet 0
  • SK On to introduce South Korea’s first LFP Battery Prototype

    0 shares
    Share 0 Tweet 0
  • South Korea to commercialize Quantum Cryptography Communications

    0 shares
    Share 0 Tweet 0
  • Top Eight Promising EdTech Startup Companies in South Korea

    0 shares
    Share 0 Tweet 0
  • Netmarble subsidiary Metaverse Entertainment’s K-Pop virtual girl band MAVE has a smashing online debut

    0 shares
    Share 0 Tweet 0
  • Nexon To Reorganize Amid Failing Profits

    0 shares
    Share 0 Tweet 0
  • About Us
  • Account Page
  • application form
  • Cookie policy
  • Default Redirect Page
  • homepage
  • Login
  • login form
  • LogOut
  • Newsletter
  • Privacy Policy
  • Register
  • Reset Password
  • Sample Page
  • Subscription Plan
  • Terms of Use
  • test
  • test
  • testpage
  • TOS Page
  • Visitor Inside User Page

Copyright © 2023 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy| Contact : press@koreatechtoday.com |

No Result
View All Result
  • Topics
    • Naver
    • Kakao
    • Nexon
    • Netmarble
    • NCsoft
    • Samsung
    • Hyundai
    • SKT
    • LG
    • KT
    • Retail
    • Startup
    • Blockchain
    • government

Copyright © 2023 KoreaTechToday | About Us | Terms of Use |Privacy Policy |Cookie Policy| Contact : press@koreatechtoday.com |