Free Battery Repairs for Electric and Hydrogen Vehicles Extended from 2 Years/40,000 km to 3 Years/60,000 km (Comprehensive)

By 2025, 3,300 Electric Vehicle Repair Shops and Over 26 Hydrogen Vehicle Inspection Centers

Hong: "Next Year's Budget for Future Cars, Semiconductors, and Biohealth Increased by 43% to 6.3 Trillion Won"

Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki is delivering opening remarks at the 14th Innovation Growth BIG3 Promotion Meeting held at the Government Seoul Office in Jongno-gu, Seoul, on the 30th. Photo by Kim Hyun-min kimhyun81@

[Sejong=Asia Economy Reporter Moon Chaeseok] The government has decided to accelerate the pace of infrastructure development by extending the free repair period for electric and hydrogen vehicle batteries, and strengthening repair shops and specialized personnel. Next year, the budget related to the BIG3 industries, including future vehicles, semiconductors, and biohealth, will be expanded by 43% to 6.3 trillion won to enhance competitiveness.

Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki announced on the 30th, "We plan to extend the mandatory free repair period for electric and hydrogen vehicle batteries from 2 years/40,000 km to 3 years/60,000 km within this year." On the same day, Hong held the Innovation Growth BIG3 Promotion Meeting at the Government Seoul Office and made these remarks.

BIG3 Industry Budget 6.3 Trillion Won Next Year... Accelerating Infrastructure Development such as Future Vehicle Repair Shops and Specialized Personnel

He stated that they will actively support research and development (R&D) investments in inspection technologies and equipment development such as battery management systems, along with expanding the mandatory free repair period for future vehicle batteries. Hong emphasized, "Through easing repair business facility standards and distributing inspection equipment, we will establish 3,300 electric vehicle repair shops and more than 26 hydrogen vehicle inspection centers by 2025."

Additionally, to ease repair business facility standards, they are considering excluding some internal combustion engine facility standards, such as carbon monoxide and pressure gauges, from application to future vehicles.

The pace of securing human resources will also be increased. Hong said, "By shifting the curriculum of automotive departments in junior colleges to focus on future vehicles and mandating regular education for existing repair supervisors, we will nurture 46,000 future vehicle inspection and repair personnel by 2024."

Financial, tax, and financial support will also be increased. He stated, "The budget related to the BIG3 industries will be reflected in next year's budget proposal at 6.3 trillion won, a 43% increase from this year, to expand it dramatically."

"From Next Year, K-Sensor R&D... Becoming One of the Top 5 Sensor Powers by 2030"

In the semiconductor field, 'K-Sensor' R&D will begin next year. Hong said, "Starting next year, through a K-Sensor R&D project worth about 200 billion won focusing on next-generation sensor elements and sensor-based technologies, we will leap to become one of the top five sensor powers by 2030."

He emphasized, "We will support the production of sensor prototypes using public infrastructure and actively support overseas expansion by establishing a dedicated global K-Sensor team."

Advanced sensors are organs that detect light, sound, etc., and convert them into electrical signals, serving as core components in future industries such as autonomous vehicles, bio, and mobile. The global sensor market size is expected to grow at an average annual rate of over 11%, from $193.9 billion last year to $332.8 billion by 2025, but Korea's market share is currently only 2%. According to the World Semiconductor Trade Statistics (WSTS), sensor semiconductors are a promising industry with a growth rate of 24.8% this year compared to last year.

"Nurturing 8 Global Pharmaceutical, Medical Device, and Cosmetics Companies by 2030"

In the biohealth field, the government announced plans to strengthen support to develop promising pharmaceutical, medical device, and cosmetics innovative companies to a global level. Last year, the manufacturing sector's share in this field was about 10%, and its share of the gross domestic product (GDP) was about 2.5%, growing fast enough to enter the top 10 export items for the first time.

Hong said, "The government will nurture eight global leading companies in innovative bio companies in the pharmaceutical, medical device, and cosmetics sectors by 2030 through selective and focused support, similar to semiconductors and automobiles. To this end, this year, we plan to promote joint R&D between innovative companies and the Osong and Daegu biomedical complexes, and next year, we will also consider establishing a dedicated policy fund worth 100 billion won."

This content was produced with the assistance of AI translation services.