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S. Korea to increase exports of eco-friendly cars

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South Korea has finalized a five-year plan for the eco-friendly auto industry, including expanding exports of such automobiles by threefold by 2025.

Korea’s exports of eco-friendly cars, which includes electric and hydrogen fuel cell models, will reach 830,000 units in 2025, a significant increase from 280,000 units tallied in 2020, according to the Ministry of Trade, Industry and Energy.

South Korea shipped $37.4 billion worth of automobiles in 2020, a reduction of 13.1 percent on-year during the COVID-19 pandemic. Exports of electric cars, on the other hand, increased by 39.9 percent to $4.6 billion.