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2 clusters · 9 sources · 27 days · First seen · Last updated

South Korean electric vehicle industry developments

Overview

In South Korea, industry experts and lawmakers are addressing challenges within the electric vehicle (EV) sector through both structural reforms and protectionist proposals.

Initially, discussions focused on legislative changes to decouple EV body ownership from battery ownership. Experts suggested amending the Automobile Management Act to allow consumers to purchase vehicle chassis while leasing or subscribing to batteries. This model, which includes ‘Battery as a Service’ (BaaS), aims to lower initial purchase costs and mitigate risks related to battery degradation.

More recently, the focus has expanded to include defensive measures against the growing market share of Chinese EV manufacturers. With Chinese groups increasing their global market share, South Korean representatives have expressed concern over the disparity between domestic 8% tariffs and the much higher tariffs implemented by the US and EU. Proposed countermeasures to protect the local manufacturing base include expanding R&D tax credits, implementing import quotas, and increasing tariffs on imported automotive parts.

Entities

SNE Research · BYD · Son Myung-soo · Korea Automobile Mobility Industry Association · LG Energy Solution

Timeline

  1. [BUSINESS] 5 sources
    South Korean experts urge protection against Chinese EV surge

    South Korean experts urge protective measures, such as tax incentives and import quotas, to counter the rising market share of Chinese electric vehicles and protect the domestic automotive ecosystem.

  2. [BUSINESS] 4 sources
    South Korean experts urge legislation to separate EV battery ownership

    South Korean lawmakers and industry experts are advocating for legislation to separate EV battery ownership from vehicle ownership to lower purchase costs and enable new subscription-based business models.

Sources

autoherald.co.kr · biz.heraldcorp.com · dongponews.net · energy-news.co.kr · hellot.net · imaeil.com · kidd.co.kr · m.imaeil.com · zdnet.co.kr