S. Korea eyes taking up 12% of global EV market by 2030

South Korea seeks to more than double electric vehicle production to capture 12 percent of the global market share by 2030.

For the goal to be a global car industry powerhouse, the South Korean government vowed to provide tax incentives and various supportive measures worth about a combined 95 trillion won by 2026, to promote their local carmakers’ investment.

To account for 12 percent of the world’s EV market, South Korean carmakers plan to increase their global EV production from around 254,000 units logged last year to a combined 3.3 million units by 2030. Their market share was 5 percent as of 2021.

The road map was announced during a meeting presided by Industry Minister Lee Chang-yang with senior officials of major carmakers and related firms, including Hyundai Motor Co., Kia Corp., GM Korea and major wireless carrier KT Corp.

They vowed to develop key software for EVs with their own technologies by 2026 and nurture 30,000 personnel with expertise in the future car sector, as well as 300 companies specializing in the development of automotive software by 2030, according to the Ministry of Trade, Industry and Energy.