The government of South Korea is expanding its electric vehicle charging infrastructure network to ensure that citizens can utilise electric vehicles effectively. For instance, to facilitate the purchase of approximately 27,000 electric vehicles for the year, the municipal government of Seoul provided incentives to owners of more than 14,000 electric vehicles during the first half of 2023.
The South Korean government aims to increase the number of electric vehicles on the road by around 3 million by 2025. This expansion of charging infrastructure, coupled with rising focus by automakers to scale electric vehicle production capacity, is fuelling the South Korea electric car market growth.
The Korean government planned to construct more than 70 units of 350kW-class ultra-fast chargers in 2023. These chargers are capable of recharging automobiles three times faster than the chargers currently utilised in the country. This infrastructure ensures that after 20 minutes of charging, all drivers can be able to travel a minimum of 300 km (186 miles).
Three major battery cell companies, LG Energy Solution, Samsung SDI and SK On, announced their plan to work with the government to jointly invest USD 15.1Bn by 2030 to develop advanced battery technologies, including solid-state batteries.
Key players in the country are increasingly investing to expand their electric vehicle (EV) production capacities. For instance, in November 2023, Hyundai Motor Co. (OTCMKTS: HYMTF) announced the construction of a new electric vehicle (EV) manufacturing facility in Ulsan, South Korea, with a total project cost of Korean won (W) 2 trillion (USD 1.5 billion). Construction of the plant, which will have an annual production capacity of 200,000 units, is scheduled for completion in 2025, with mass production anticipated to begin in the first quarter of 2026.
The new EV plant is being erected at Hyundai's Ulsan complex, which is currently the world's largest single automobile manufacturing plant with an annual capacity of 1.4 million units, including electric vehicles.
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The major players in the South Korea electric car market include Hyundai Motor Company, Honda Motor Co., Ltd., Nissan Motor Co., Ltd., Kia Corporation, Tesla, Inc., BMW AG, and Mercedes-Benz AG., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
|Scope of the Report
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Propulsion Technology
|Breakup by Drive Type
|Breakup by Top Speed
|Breakup by Vehicle Class
|Breakup by Vehicle Type
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