South Korea to make electric vehicles more affordable for public by 2025 – Reports

Seoul: South Korea is planning to make electric and hydrogen-powered vehicles more affordable for the general public by 2025, as well as expand the number of charging stations to 500,000, the national Yonhap news agency reported on Friday, citing the Trade Ministry.

According to the news agency, South Korea intends to increase the volume of accumulated sales of electric and hydrogen fuel cell cars to 1.13 million and 200,000, respectively, by 2025. As of September, the total number of electric cars on roads in the Asian country amounts to 120,000, while those of hydrogen to around 9,500.

To implement the plan, the authorities will also adjust the infrastructure by increasing the number of charging stations from around 60,000 currently in place to 500,000, the news agency added. In particular, starting 2022, new buildings will be set to have a certain number of charging stations; while there also will be fast-charging stations throughout the country. The number of hydrogen charging stations, in turn, is expected to jump from 72 to 450 by 2025.

Meanwhile, to make these vehicles more affordable, South Korea will extend tax deductions on the purchase of such cars by 2022 and work closely with private companies to cut the price of the vehicles’ major parts. The authorities will also launch the so-called battery-less project, under which people will be able to buy electric cars without paying for batteries and instead lease them.

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