"Continuous Support for Securing Future Car Technology Competitiveness"

Park Jin-gyu, 1st Vice Minister of Ministry of Trade, Industry and Energy
Visits Hyundai Motor Namyang Technology Research Center
Urges to Secure Lead in Electric and Autonomous Vehicle Market

Jinkyu Park, 1st Vice Minister of the Ministry of Trade, Industry and Energy

[Asia Economy Sejong=Reporter Dongwoo Lee] Park Jin-gyu, First Vice Minister of the Ministry of Trade, Industry and Energy (photo), visited Hyundai Motor Company's Namyang Technology Research Center on the 15th to check the status of future car development and commercialization.

Vice Minister Park held a meeting with research center officials to listen to on-site opinions, observed the automobile crash test site, and test drove the autonomous vehicle Solati and the electric vehicle GV60.

At the meeting, Vice Minister Park urged, "Please continue efforts to promote the domestic spread and export of electric and hydrogen vehicles, which are rapidly increasing recently, and to secure a competitive edge in the global autonomous vehicle competition." He also emphasized, "We will continue to support the securing of future car technology competitiveness of finished car and parts companies so that the transition to future vehicles contributes to achieving carbon neutrality by 2050 and maintains and expands the production base and jobs in the domestic automobile industry."

Hyundai Motor Company mentioned that it is continuously promoting the transition to future vehicles by launching new electric vehicles such as the GV70 within the year and distributing hydrogen cargo vehicles domestically. Furthermore, it stated that it will strive to secure world-class technological competitiveness in key future vehicle fields such as electric vehicle dedicated platforms and hydrogen fuel cells.

According to the Ministry of Trade, Industry and Energy, domestic sales of electric and hydrogen vehicles reached 105,000 units last year, an increase of 109% compared to the previous year. Exports increased by 29% to 155,000 units. This year, the ministry plans to invest about 120 billion KRW in 12 projects and 146 new national projects in fields such as eco-friendly vehicles and autonomous vehicles. In the eco-friendly vehicle sector, 93.3 billion KRW will be invested in developing core parts technologies for electric and hydrogen vehicles and in future vehicle transition technologies for parts companies.

Specifically, 22 billion KRW will be supported for the automobile industry technology development project (Green Car) to respond to environmental regulations, and 18.7 billion KRW will be provided to support parts companies transitioning to future vehicles such as electric and hydrogen vehicles. In the autonomous vehicle sector, a total of 25.6 billion KRW will be supported to advance autonomous driving technology and resolve the vehicle semiconductor supply shortage.

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