According to Yonhap News,
South Korea will spend 499 billion won (US$343.3 million) this year in developing cutting-edge technologies for the automotive industry to secure competitiveness in the future mobility market, the industry ministry said Thursday.
The planned investment marks a 56.6 billion-won increase from the corresponding figure for last year, according to the Ministry of Trade, Industry and Energy.
From the 2025 budget, the ministry will funnel 432.6 billion won into the research and development (R&D) of technologies related to autonomous driving, as well as electric vehicles (EVs) and hydrogen cars.
In detail, the government will focus on developing technologies aimed at creating self-driving cars with zero accidents and drivers, and an EV motor that does not use rare earth metals, as South Korea mostly imports such materials from other countries.
It will also work to develop a high-speed wireless EV charging system and other battery-related technologies.
Another 66.5 billion won will be used to build infrastructure for auto parts businesses, according to the ministry.
nyway@yna.co.kr
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Source: Yonhap News (February 13, 2025)