{"id":2200703,"date":"2023-04-13T08:00:55","date_gmt":"2023-04-12T23:00:55","guid":{"rendered":"https:\/\/koreapro.org\/?p=2200703"},"modified":"2023-04-12T18:20:58","modified_gmt":"2023-04-12T09:20:58","slug":"yoon-suk-yeol-south-korea-to-become-top-3-electric-vehicle-producer-by-2030","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/04\/yoon-suk-yeol-south-korea-to-become-top-3-electric-vehicle-producer-by-2030\/","title":{"rendered":"Yoon Suk-yeol: South Korea to become top 3 electric vehicle producer by 2030"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">President Yoon Suk-yeol <\/span><a href=\"https:\/\/www.joongang.co.kr\/article\/25154314\"><span style=\"font-weight: 400;\">pledged<\/span><\/a><span style=\"font-weight: 400;\"> on Tuesday that he would help South Korea increase the production of electric vehicles (EVs) fivefold by 2030, making the ROK one of the top three EV producers during a groundbreaking ceremony for Kia Corporation\u2019s EV factory in Gyeonggi Province. It is the first plant in the ROK that will produce EVs exclusively.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hyundai Motor Company \u2014 Kia Corporation\u2019s parent company \u2014 will <\/span><a href=\"https:\/\/en.yna.co.kr\/view\/AEN20230411008652320?section=economy-finance\/economy\"><span style=\"font-weight: 400;\">invest<\/span><\/a><span style=\"font-weight: 400;\"> $18.2 billion (24 trillion won) in its domestic EV production facilities and other EV projects by 2030. Yoon said that he would speed up the country\u2019s <\/span><a href=\"https:\/\/asiatimes.com\/2021\/03\/seouls-high-speed-super-subway-takes-shape\/\"><span style=\"font-weight: 400;\">Great Train Express (GTX) project<\/span><\/a><span style=\"font-weight: 400;\">. The Ministry of Land, Infrastructure and Transport (MOLIT) <\/span><a href=\"http:\/\/www.molit.go.kr\/USR\/NEWS\/m_71\/dtl.jsp?id=95087703\"><span style=\"font-weight: 400;\">announced<\/span><\/a><span style=\"font-weight: 400;\"> in Dec. 2022 that the tunnel construction for the GTX-A express line was completed. GTX-A is a 39.8 km line that connects Gangnam, Seoul, to Dongtan, Gyeonggi Province.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.sneresearch.com\/kr\/business\/report_view\/153\/page\/0?s_cat=%7C3%7C&amp;s_keyword=#ac_id\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> released by SNE Research, a Seoul-based energy market tracker, projects that the EV battery market will be worth $616 billion by 2035 \u2014 a fivefold increase from this year. It also projects that Chinese EV production will shrink amid EV-related policy revamps in the U.S. and Europe. As countries worldwide try to meet zero-emission requirements, EV demand will accelerate in the coming years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The decision to produce electric vehicles in Gyeonggi Province will require more significant investments in transportation infrastructure, such as the GTX lines. Once completed, the GTX lines will help to reduce commute times between Seoul and Gyeonggi Province by up to 70%, which will, in turn, allow more people to move out of Seoul and into neighboring provinces. It would help reduce congestion, normalize Seoul\u2019s property market and <\/span><a href=\"https:\/\/koreapro.org\/2023\/03\/why-more-and-more-south-koreans-are-choosing-not-to-have-children\/\"><span style=\"font-weight: 400;\">possibly improve<\/span><\/a><span style=\"font-weight: 400;\"> the country\u2019s falling birth rate.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/culture-society\/\"><span class=\"tag\">Culture &amp; Society<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>President Yoon Suk-yeol pledged on Tuesday that he would help South Korea increase the production of electric vehicles (EVs) fivefold by 2030, making the ROK one of the top three EV producers during a groundbreaking ceremony for Kia Corporation\u2019s EV factory in Gyeonggi Province. It is the first plant in the ROK that will produce [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2200704,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,25],"class_list":["post-2200703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-culture-society"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yoon Suk-yeol: South Korea to become top 3 electric vehicle producer by 2030 - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/04\/yoon-suk-yeol-south-korea-to-become-top-3-electric-vehicle-producer-by-2030\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Yoon Suk-yeol: South Korea to become top 3 electric vehicle producer by 2030 - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"President Yoon Suk-yeol pledged on Tuesday that he would help South Korea increase the production of electric vehicles (EVs) fivefold by 2030, making the ROK one of the top three EV producers during a groundbreaking ceremony for Kia Corporation\u2019s EV factory in Gyeonggi Province. 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