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Gov’t to invest 20 trillion won in electric and hydrogen cars by 2025

Gov’t to invest 20 trillion won in electric and hydrogen cars by 2025

Posted October. 31, 2020 07:22,   

Updated October. 31, 2020 07:22


President Moon Jae-in said on Friday that the government is planning to invest more than 20 trillion won in green mobility, including electric and hydrogen cars, by 2025.

“Amid fierce global competition, the next five years will be the golden time to lead the future car market,” said President Moon while visiting Hyundai Motor’s Ulsan plant, heart of the company’s eco-friendly future car production, on Friday. The Hyundai Ulsan plant is the home of the world’s first mass-produced fuel-cell electric vehicle (FCEV) Tucson Ix and Korea’s first mass produced electric truck Porter. On the same day, the South Korean auto giant unveiled the world’s first platform built for electric vehicles called, “Electric-Global Modular Platform (E-GMP).”

Arriving at the venue on the Nexo, Hyundai Motor’s hydrogen-powered electric car, President Moon extended his congratulations to Hyundai Motor and its consumers on writing a new history as the day marked the sales of 10,000 hydrogen and electric vehicles for the first time in the world.

President Moon gave Chung Eui-sun, Chairman of Hyundai Motor Group, a round of applause after being briefed by Ulsan Mayor Song Chul-ho that Hyundai Motor and its union recently agreed to a collective bargaining agreement to freeze wages without a labor dispute for the first time. It appears President Moon applauded Chairman Chung for his leadership in managing Hyundai Motor Group and congratulated him on his inauguration as chairman. In response, Chairman Chung said, “It’s a great honor,” as he walked inside the plant with President Moon.