South Korea to invest big in automobile industry

The South Korean government has announced a number of strategies for its automobile industry, including private investment worth more than 95 trillion in the country’s automobile industry over the next five years.
Using this, the government plans to produce 3.3 million electric vehicles (EVs) by 2030 to achieve a 12 per cent global market share, according to The Global Economic. It also plans to train more than 30,000 future car professionals. Through these strategies, the government plans to raise competitiveness to the highest level in response to the global trade order that returns to protectionism, such as the implementation of the US Inflation Reduction Act (IRA).
As of last year, Hyundai Motor ranked third and sixth in the global internal combustion car and EV market share, respectively. The South Korean government plans to raise them to the top 3 in the world.
On Wednesday, the South Korean Ministry of Trade, Industry and Energy that Minister Lee Chang-yang held a round table meeting on automobile industry strategies with automobile industry officials at the Korea Chamber of Commerce and Industry and announced the strategies.
At the meeting, officials from automobile manufacturing firms and parts suppliers such as Hyundai Motor, Kia, GM Korea, Renault Korea, Hyundai Mobis, Mando, Sambo Motors, and Telechips, attended. Minister Lee presented a strategy to become the global top 3 in the automobile industry. It has the vision to become one of the top three automobile powerhouses through a rapid and flexible conversion to future mobility.