South Korea to Put 8.3 Trillion Won Into Future and Autonomous Cars This Year

South Korea’s government will invest 8.3 trillion won this year to foster the future car and autonomous vehicle industries. The Financial Services Commission and the Ministry of Trade, Industry and Energy announced the plan on May 14 at the Korea Auto Industries Coop. Association in Seocho-gu, Seoul, during a public-private meeting on future car transition and the launch of a future car parts industry consultative body. Officials said small and mid-sized parts companies face growing pressure to fund facilities and research and development as the auto industry shifts toward autonomous vehicles and electric cars. Through the National Growth Fund, the government plans to supply 15 trillion won to mobility over the next five years. This year’s policy finance totals 18 trillion won, including 9.7 trillion won for restructuring auto parts firms and 8.3 trillion won for future and autonomous cars. The new body will address issues in finance, R&D and exports. Source: rss.donga.com