South Korea target EVs for 5.3% of car sales by 2020
South Korea, the world's fifth largest vehicle producer, is targeting 5.3% of total vehicle sales being electric vehicles (EVs) by 2020 by; having fast charging stations every 2km in Seoul and 30,000 charging stations installed in close proximity to Seoul apartment complexes; producing an EV battery with 250 miles of range; reducing EV sales taxes and increasing government subsidies; and reducing EV insurance premiums, tolls, and parking fees. This news comes as Bloomberg reports Korean automaker Hyundai, and its affiliate Kia, are seeking to push sales of environmentally-friendly vehicles globally with Hyundai launching the Ioniq gasoline-electric hybrid in the U.S. and Europe later this year and Kia planning to sell the Niro hybrid in the US, Europe and China.

You probably know that China, the USA, Japan, and Germany are the four countries that produce the most cars, but can you name who comes in 5th?

Well, given the title, I think you can guess that it’s South Korea. 😀

While several Chinese, US, Japanese, and European automakers are producing electric vehicles in significant quantities (well, to kick things off), and have numerous EV models, South Korean auto manufacturers have taken their time getting into the game. But it looks like the country is pushing a change (and, given that South Korean auto manufacturers export 60% of their cars, they are surely feeling a need to change from the USA, Europe, and China anyway).

Here are the fun details of South Korea’s jump into EVs:

On average, by 2020, there is supposed to be a fast charging station every 2 kilometers inside of Seoul (population: 10 million).

In addition, by 2020, 30,000 Level 2 charging stations are supposed to be installed in Seoul, primarily in proximity to 4,000 apartment complexes.

Vague target to develop an EV battery with 400 kilometers (~250 miles) of range — presumably, an affordable one for a vehicle like the Kia Soul EV

Starting in 2016, sales-tax cuts for EVs.

Government subsidy of $12,100 (up from $10,400) as of July 8, 2016.

“Drivers will also see cuts in insurance premiums, expressway tolls, and parking fees.”

Electric cars accounted for 0.2% of car sales in Korea in 2015. The targets are to raise that to 0.5% in 2017 and 5.3% in 2020.

We’ll see….

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