Skip to content
  • KOSPI 3182.38 +13.30 +0.42%
  • KOSDAQ 1014.42 +4.05 +0.40%
  • KOSPI200 430.71 +1.63 +0.38%
  • USD/KRW %
  • JPY100/KRW 1,032.98 %
  • EUR/KRW 1,346.08 %
  • CNH/KRW 171.9 %
View Market Snapshot

Electric vechicle

Urgent need to expand Korea's EV charging infrastructure: lobby group

Sep 17, 2020 (Gmt+09:00)

It is critical that the South Korean government and carmakers swiftly move to increase local charging stations for electric vehicles and secure raw materials for EV batteries from abroad to ensure the country is not left behind in the global EV market, said the Federation of Korean Industries (FKI).

Korea has 23,000 EV charging stations --  just 0.8% that of China, 1.4% of the US, and only 10.1% of Japan. Korea’s presence in the global EV market, including EV use in the country, lies in stark contrast to Korean companies’ triumph in the EV battery market, according to an FKI report issued on Sept. 17.

The business lobby group also stressed the importance of fostering overseas resource development, urging the government to step up its efforts to expand its resource bases further to secure a steady supply of cobalt and lithium, which are core materials for EV batteries. Currently, Korea imports most of the battery materials from China.

The FKI also encouraged domestic carmakers to diversify its EV lineup. Hyundai Motor is set to develop nine types of new EVs by 2021 and Kia Motors plans to launch seven new EV models by 2027, whereas Ford Motor Company targets launching 40 types by 2022 alongside BMW and GM, which plan to release 25 types and 22 types by 2023, respectively.

"The government needs to strengthen its efforts for resource development overseas and Korean automakers need to diversify their EV model lineup to enhance the country's position in the EV market," said Kim Bong-man, the head of the International Cooperation division.

The FKI noted that Korea came in 11th place in the global EV market in 2019. The FKI said that privately held companies should be encouraged to invest in EV infrastructure tailored to consumers, such as setting up charging stations in areas with high demand, including gas stations, parking lots and office buildings, to boost the country's competitiveness in the EV market.

The report was published after state-run Korea Resources Corp. recently embarked on a plan to sell its stake in a loss-making nickel mining joint venture in Madagascar, Africa.

Meanwhile, Hyundai Motor Co. jumped to fourth place in global EV sales between January and July of this year, a striking leap from the 10th position during the same period last year. Fellow domestic automaker Kia Motors Corporation came in eighth place, according to SNE Research.

Write to Sun-A Lee at suna@hankyung.com

Danbee Lee edited this article

Comment 0

0/300