Yoon Promises "Leap to Top 3 Global Future Car Leaders by 2030" with 'R&D and Tax Support'

Yoon Attends Groundbreaking Ceremony for Electric Vehicle Factory in Hwaseong, Gyeonggi-do
"Government Will Spare No Support"
"Global Future Cars... Electric Vehicle Production Capacity to Increase Fivefold"

President Yoon Suk-yeol stated on the 11th, "We will increase domestic electric vehicle production capacity to five times the current level by 2030," adding, "We will spare no policy support to help companies adapt to the paradigm shift in the automotive industry." As a strategy to transform the automotive ecosystem centered on future vehicles, the government plans to announce a comprehensive related plan within the first half of the year.

On the same day, President Yoon attended the groundbreaking ceremony for the electric vehicle-only factory held at Kia's automobile plant (Autoland Hwaseong) in Hwaseong, Gyeonggi Province, and conveyed the government's support by urging, "The automotive industry, which has driven our economic growth, must proactively respond to the paradigm shift."

President Yoon Suk-yeol is delivering a congratulatory speech at the groundbreaking ceremony of the electric vehicle-exclusive factory held at Kia Motors Autoland Hwaseong in Hwaseong, Gyeonggi Province on the 11th.
[Photo by Yonhap News]

Autoland Hwaseong is a complete vehicle manufacturing plant constructed domestically by Hyundai Motor Group for the first time in 29 years since the groundbreaking of Hyundai Motor Asan Plant in 1994. It is the first newly established electric vehicle-only factory in Korea, built on approximately 100,000 square meters of land with an investment of 1 trillion won, and will begin mass production in the second half of 2025, with an annual production capacity of up to 150,000 units.

At the event, President Yoon evaluated, "The global automotive industry is currently undergoing a massive paradigm shift," and said, "As the movement toward carbon neutrality accelerates, the adoption rate of electric vehicles is rapidly increasing, and ultra-high-speed data transmission and AI are driving a mobility revolution including autonomous driving." He also emphasized that the automotive industry must proactively respond to this paradigm shift. President Yoon promised, "We will spare no policy support such as R&D and tax incentives to help companies quickly adapt to this revolutionary transition."

In particular, he presented a mid-to-long-term vision to "increase domestic electric vehicle production capacity to five times the current level by 2030 and elevate Korea to become one of the 'Global Top 3 Future Vehicle Powers'." He added, "Kia's electric vehicle-only factory is the first step in Hyundai Motor Group's 24 trillion won investment plan in the domestic electric vehicle sector by 2030, and the government will also work as one team to help Hyundai Motor Group lead the global mobility innovation."

He also unveiled plans for infrastructure support in the region. The plan aims to transform the southern Gyeonggi area, which has world-class infrastructure and competitiveness, into the world's best cluster for electric vehicles, semiconductors, and IT. The core is to establish advanced industrial hubs linking IT, software, and content in Pangyo; electric vehicles, autonomous driving testbeds, and future vehicle R&D in Hwaseong; and a semiconductor mega cluster in Yongin and Pyeongtaek.

President Yoon also mentioned the GTX project he promised during the last presidential election. He announced plans to prioritize the opening of the GTX-A line between Suseo and Dongtan early next year and to start construction of the GTX-C line connecting northern and southern Gyeonggi from Suwon to Yangju within this year. He said that lines A and C will be quickly extended to Pyeongtaek.

The comprehensive future vehicle-centered plan to be released by the government in the first half of this year will include R&D investment, funding expansion, and workforce development plans for automotive parts companies. Along with this, the government will expand tax support for domestic electric vehicle facility investments and swiftly resolve obstacles hindering investment promotion.

Meanwhile, before the groundbreaking ceremony, President Yoon visited the exhibition hall to review concept models of purpose-built mobility (PBV) scheduled to be produced at Kia Hwaseong Plant in the future and encouraged the innovative efforts of employees leading the development of future mobility.

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