'Like US, Korea should provide subsidies to only locally-produced EVs': KAMA

• Published date: 02 March 2023
• Publication title: The Korea Times

The domestic automobile industry has requested that the government limit foreign automobiles from being included in the planned supply of 4.5 million eco-friendly vehicles ? including electric vehicles (EV) and hydrogen cars ? in the country to foster domestic production.

The purpose is to foster the domestic EV ecosystem while major domestic automakers are moving their production bases abroad due to the requirements stipulated in U.S. Inflation Reduction Act (IRA).

The Korea Automobile Manufacturers Association (KAMA) held a meeting at its headquarters in Seoul and discussed the 2030 National Greenhouse Gas Nationally Determined Contribution (NDC) implementation roadmap, which aims to strengthen the competitiveness of the domestic automobile industry.

During this month, the government will announce a detailed implementation roadmap for NDC, which includes a plan to supply a total of 8.5 million eco-friendly vehicles, including 3.62 million EVs, 880,000 hydrogen vehicles and 4 million hybrid vehicles.

"The domestic EV production base is greatly shrinking due to the expansion of protectionist trade...