South Korea Aims To Produce 1.2 Million Units Of Green Cars In 2015

By dancurranjr On December 6th, 2010

South Korea is targeting to produce 1.2 million units of environment-friendly vehicles in 2015, or 21% of the domestic automobile market, and cut 3.3 million metric tons in greenhouse gas emissions by that year, the Ministry of Knowledge Economy said Monday.

“The government will encourage the auto industry to make an aggressive investment in the next five years, while helping domestic companies develop core parts for green cars and charging stations by 2015,” the ministry said in a statement.

The auto industry, which has invested a combined KRW1.3 trillion ($1.1 billion) in the past five years, plans to spend KRW3.1 trillion to develop green cars starting from 2011, the ministry added.

Green cars include electric vehicles, plug-in hybrid cars, fuel-cell electric vehicles and clean diesel vehicles.

The government had earlier said it’s targeting electric cars to account for 20% of passenger cars in South Korea by 2020. It plans to offer subsidies and tax incentives to promote sales of electric vehicles once the vehicles begin rolling off production lines.

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