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South Korea Strives Adoption of Supreme Technologies

On Tuesday, South Korea disclosed its plans for supreme technology adoptions, which include self-driving vehicles, electric cars, and flying autonomous vehicles as well. The move aims to retrieve the sluggish economic development of the region, President Moon Jae-in said.

Technology companies in South Korea are set to spend about $50 Billion for technology advancement in transportation over the next decade. The president has notified that the Korean government will also invest nearly 2.2 trillion won in an effort to complete the infrastructure essential for vehicles like autonomous cars.

Fully autonomous vehicles will be commercialized by 2027; it is also expected to occur by three years, if everything goes better than expected, Moon Jae-in said.

Moon said he is pretty certain that the said investment will definitely provide a boost to the shrinking economic development. The South Korean economy has been struggling with international trade disputes; the central Bank of Korea has also speculated that it will be difficult for the country to surpass at least 2.2% of growth rate this year.

According to Moon’s prediction hydrogen-fueled and electric vehicles will achieve nearly 33% by 2030, in contrast to its 2.6% sales in 2019. Whereas, China has declared that it is aiming to account for 40% sales of hybrid cars and electric vehicles by 2030.

The Ministry of Trade and Ministry of Industry and Energy said in a statement that the Korean government will slash hydrogen prices to half by 2030 in order to publicize and boost the sales of these vehicles. Bus and truck operators will also be prompted by the government to switch their vehicles to electric and hydrogen.

The government’s efforts will force it to build more EC charging stations at 15,000 locations. It will also increase the recent number of hydrogen refueling spots from 31 to 660.

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Phyliss Dawson

I have been serving market research practices for numerous industries ranging from chemicals to food and beverage from the last 6 years at Global Industry Journal. Wide knowledge of online marketing and active involvement in preparing segmentation analysis, competitive analysis is strengthening my position.

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