Industry Ministry Meets Auto Industry to Urge Price Stability... "Next Year's Vehicle LPG Tariff 0%"

Automotive Industry Roundtable Meeting Held

On September 27, cars were waiting to be shipped at Pyeongtaek Port, as seen from the air. [Aerial photography cooperation = Seoul Metropolitan Police Agency Aviation Unit, Pilots: Lieutenant Shin Seung-ho - Lieutenant Park Ji-hwan, Crew: Lieutenant Park Sang-jin] Photo by Kang Jin-hyung aymsdream@

On the 5th, the Ministry of Trade, Industry and Energy held an 'Automobile Industry Meeting' at the Automobile Hall in Seocho-gu, Seoul, to stabilize consumer prices by reviewing raw materials, labor costs, and supply chain conditions and discussing price stabilization measures. The meeting was attended by Hyundai Motor, Kia, Korea GM, KG Mobility, Renault Korea, and the Korea Automobile Mobility Industry Association (KAMA), among others.

At the meeting, Park Dong-il, Director of Manufacturing Industry Policy at the Ministry of Trade, Industry and Energy, urged, "Since automobiles have a significant impact on the lives of the people and the economy, we ask the industry to work with the government to stabilize prices." The ministry also announced plans to reduce the tariff on LPG vehicles from the basic rate of 3% to 0% in the first half of next year to ease fuel cost burdens for self-employed individuals purchasing liquefied petroleum gas (LPG) trucks.

The automobile industry explained that prices of raw materials such as iron ore, aluminum, and plastic have recently stabilized and stated that they actively participated in last month's Korea Sale Festa to help stabilize prices. The industry pledged, "We will continue to expand the supply of affordable eco-friendly vehicles and enter into long-term contracts for raw materials to stabilize supply and prices to the best of our ability."

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