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South Korea Making Electric Car Rush…

Kia Soul EVYou probably know that China, the USA, Japan, and Germany are the four countries that produce the most cars, but can you name who comes in 5th?

Well, given the title, I think you can guess that it’s South Korea. 😀

While several Chinese, US, Japanese, and European automakers are producing electric vehicles in significant quantities (well, to kick things off), and have numerous EV models, South Korean auto manufacturers have taken their time getting into the game. But it looks like the country is pushing a change (and, given that South Korean auto manufacturers export 60% of their cars, they are surely feeling a need to change from the USA, Europe, and China anyway).

Kia Soul EV WhiteHere are the fun details of South Korea’s jump into EVs:

  • On average, by 2020, there is supposed to be a fast charging station every 2 kilometers inside of Seoul (population: 10 million).
  • In addition, by 2020, 30,000 Level 2 charging stations are supposed to be installed in Seoul, primarily in proximity to 4,000 apartment complexes.
  • Vague target to develop an EV battery with 400 kilometers (~250 miles) of range — presumably, an affordable one for a vehicle like the Kia Soul EV.
  • Starting in 2016, sales-tax cuts for EVs.
  • Government subsidy of $12,100 (up from $10,400) as of July 8, 2016.
  • “Drivers will also see cuts in insurance premiums, expressway tolls, and parking fees.”

Electric cars accounted for 0.2% of car sales in Korea in 2015. The targets are to raise that to 0.5% in 2017 and 5.3% in 2020.

We’ll see….

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Zach is tryin' to help society help itself one word at a time. He spends most of his time here on CleanTechnica as its director, chief editor, and CEO. Zach is recognized globally as an electric vehicle, solar energy, and energy storage expert. He has presented about cleantech at conferences in India, the UAE, Ukraine, Poland, Germany, the Netherlands, the USA, Canada, and Curaçao. Zach has long-term investments in Tesla [TSLA], NIO [NIO], Xpeng [XPEV], Ford [F], ChargePoint [CHPT], Amazon [AMZN], Piedmont Lithium [PLL], Lithium Americas [LAC], Albemarle Corporation [ALB], Nouveau Monde Graphite [NMGRF], Talon Metals [TLOFF], Arclight Clean Transition Corp [ACTC], and Starbucks [SBUX]. But he does not offer (explicitly or implicitly) investment advice of any sort.


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