International Environment Reporter™ helps you understand environmental laws, regulations, policies and trends in major industrialized and developing nations, as well as in international governmental...
By James Lim
July 8 — South Korea will push to make electric car batteries run longer, build a network of charging stations and make e-car purchases and ownership more affordable, the Ministry of Trade, Industry and Energy said.
The plan includes development—beginning this year—of an e-car battery with energy density high enough to more than double the travel distance on a charge to 400 kilometers (248.5 miles).
By 2020, high-speed charging stations will become available at an average of one within a two-kilometer radius in the capital city of Seoul, with a population of 10 million, the ministry said July 7.
In addition, 30,000 slow charging stations will be strategically located at about 4,000 apartment complexes nationwide by 2020.
Starting this year, the tax surcharges paid at the time of purchasing an e-car will be reduced, and e-car drivers will see cuts in insurance premiums, expressway tolls and parking fees, the ministry said.
And the standard one-time government subsidy available to e-car buyers was increased to 14 million won ($12,100) from 12 million won ($10,400), effective July 8.
“The lack of domestic e-car infrastructure has been an impediment to e-car development and production in South Korea, but that will change from now,” Lee Won-joo, director of the Automobile Aerospace Division, told Bloomberg BNA.
According to the ministry's data, South Korea is the world's fifth biggest car manufacturing country with 1.8 million vehicles produced in the first five months of 2016 and 1.1 million, or 61 percent, of them sold overseas.
But South Korea lags behind many nations in the domestic popularity of electric cars.
According to Global EV Outlook 2016 released by the International Energy Agency, e-car country market share was 0.2 percent for South Korea in 2015, among the lowest in comparison with 15 other members of the Electric Vehicles Initiative international governmental forum.
The ministry estimates that the current and future policy programs will help increase the e-car market share in South Korea to 0.5 percent in 2017 and 5.3 percent in 2020.
The global market share of South Korean e-cars also will be boosted to match that of South Korean gasoline and diesel cars, which reached 8.5 percent based on sales by South Korea's two main car exporters, Hyundai Motor Co. and Kia Motors Corp., the government said.
To contact the reporter on this story: James Lim in Seoul at firstname.lastname@example.org
To contact the editor responsible for this story: Greg Henderson at email@example.com
Copyright © 2016 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)