South Korea will provide US$11.4 billion in financial support to the auto parts industry to help increase electric vehicle production

According to foreign media reports, South Korea, which is vigorously developing electric vehicles, is also promoting the development of the electric vehicle industry through a variety of measures.

The latest reports show that South Korea will provide 14.3 trillion won, or approximately US$11.4 billion, in financial support to the auto parts industry to help increase the production of electric vehicles.

The provision of 14.3 trillion won in financial support to the auto parts industry was announced by the South Korean Ministry of Trade, Industry and Energy after meeting with automakers and parts manufacturers. The funds will be provided by the Korean government and local auto manufacturers.

The 14.3 trillion won of funds will support Korean auto parts manufacturers to make relevant investments and ensure sufficient liquidity, thereby helping to achieve the goal of increasing South Korea's electric vehicle production by five times by 2030.

In addition to helping to increase the production of electric vehicles, South Korea provides financial support to auto parts manufacturers and also considers increasing exports of auto parts. South Korea's Ministry of Trade, Industry and Energy predicts that its exports of automobiles and auto parts will exceed US$80 billion for the first time this year.

Driven by increased demand for electric vehicles and financial support from South Korea, South Korea's exports of automobiles and auto parts are expected to be even higher in the future.