Korea to up incentives to be powerhouse in hydrogen, electric vehicle
Korea to up incentives to be powerhouse in hydrogen, electric vehicle
author Added by FuelCellsWorks, July 08, 2016

PulseNews--South Korea aims to export 200,000 electric and 14,000 hydrogen fueled vehicles by 2020 by promoting the clear energy fuel vehicles as the country’s new growth engine, the government announced at the 10th trade and investment promotion meeting on Thursday chaired by the president. 

Through various incentives, deregulations, and subsidy program, the government hopes to boost shipment of electric cars to 200,000 units annually in 2020 from 12,000 units last year with a goal to account for more than 10 percent global share in the electric vehicle (EV) four years from now. 

It will require 5 percent of new car supplies in electric form to have 250,000 EVs on the road four years later. The government will increase recharge stations, driving distance, and incentives to encourage development and proliferation of EVs. 

In the second half it will launch a project called high-density electric cell development to double the EV mileage per charge to 400 kilometers. The government plans to sharply increase supplies of rechargers in Seoul and Jeju and install 30,000 chargers in 4,000 apartment complexes across the nation by the end of the year. 

To encourage consumer buying, various taxes, toll fees, parking fees, and insurance rates would be discounted for EV owners. Subsidy for EV will be upped to 14 million won ($10,385) per vehicle from current 12 million won. 

The government would increase supply of hydrogen fueled cars for public transportation with longer mileage such as buses and taxies, targeting shipment of 10,000 units for domestic supply and another 14,000 units for exports. 

Hydrogen-fueled bus will be available by early next year and passenger car running on fuel cell in 60 million won price range from January 2018. The number of fuelling stations would grow to 100 units by 2020 from 10 units now. The government will also increase subsidies and tax incentives for hydrogen vehicles.