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Mass Production of Electric Cars to Start in 2011

Posted October. 09, 2009 07:41,   


The government seeks to begin mass production of electric-powered cars from 2011, two years ahead of schedule.

The plan is for Korea to grab 10 percent of the global electric car market and become one of the top four countries in the sector by 2015.

State investment of 400 billion won (342.9 million U.S. dollars) by 2014 will help Korean carmakers develop core parts and materials for electric cars.

Tax benefits for buyers of electric cars could come after late 2011 as well as safety guidelines for low-speed electric cars to run on streets.

Electric cars will also be used at the Group of 20 summit next year in Korea.

First, the government will select strategically significant parts of electric cars to be fostered for 400 billion won (342.9 million dollars) in investment by 2014. Fifty-five billion won (47.1 million dollars) will go to the development of batteries for electric cars.

In line with legal support, tax credits will be offered for expenses invested in the development of core parts and safety guidelines will be issued for electric cars.

Also planned are approval conditions for recharging stations for electric cars and new regulations to allow such facilities to be established in public parking lots and apartment complexes.

Low-speed electric cars, which are barred from running on roads, are expected to be allowed to operate in certain areas.

Standards to convert gas-powered vehicles into electric cars are also in the works.