South Korea plans to increase R&D investment to boost EV adoption
Government announces investments of KRW3.5 trillion for automotive parts supplier industry
South Korea is planning to increase production of locally manufactured green cars from 1.5% of total car production currently to over 10% by 2022, The Korea Herald reported on 18 December. In all, South Korea has announced investments of KRW3.5 trillion (USD3 billion) for the automotive parts supplier industry. The investment will go towards research and development (R&D) at manufacturers of chips and batteries. The Ministry of Industry is also planning to increase subsidies for green car buyers.
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