Industry
Korea ranks No. 4 in global EV sales, doubled from 2019
S. Korea’s electric vehicle exports last year more than doubled from the pre-pandemic year of 2019 to command fourth largest share in the world after Germany, the United States and China. According to a report published by the Korea International Trade Association on Sept. 8, Korea’s EV exports totaled USD 7 billion in 2021, trailing Germany with USD 28.8 billion, the U.S. with USD 10.1 billion and China with USD 10 billion. Compared to the level before the virus spread two years ago, outbound shipments of EVs expanded 112.2 percent. Of total auto exports, EVs took up 15.8 percent last year, nearly doubled from 8.1 percent in 2019. “In line with the domestic-favoring state subsidy system in each government, the Korean government also will have to seek for close cooperation with the private sector to help Korean firms maintain their export competitiveness.”
Government Policy
Seoul targets half of new vehicles as autonomous ones in 2035
S. Korea is targeting to commercialize a Level 4 autonomous vehicle in 2027 to release half of newly launched vehicles as Level 4 models in 2035, the transport ministry said on Sept. 19. This year, Korea aims to become the world's third country to commercialize a Level 3 autonomous vehicle after the United States and Japan, the Ministry of Land, Infrastructure and Transport said in a statement. "To achieve the aim, the government will overhaul the existing transportation systems, and set up safety standards and insurance programs for autonomous cars to provide Level 4 autonomous bus services as well (by 2027)," the statement said. Hyundai Mobis Co., a major affiliate of Hyundai Motor Group, introduced Level 4 self-driving automation technology in its concept M.VISION at the Consumer Electronics Show (CES) in January 2020. At Level 4, a vehicle can drive itself under limited conditions and will not operate if all required conditions are not satisfied. At Level 5, a vehicle's automated driving features can drive under any conditions.
Financial regulator vows deregulation to meet global standards
S. Korea's financial regulator is looking to ease or lift regulations that have caused the undervaluation of the local capital market, a senior official said Sept. 15. "We will find and unshackle the regulations that exist only domestically and not in advanced countries, which have become obsolete and unreasonable, and cannot comply with the latest changes in technology," Financial Services Commission (FSC) Vice Chairman Kim So-young said in a seminar in Seoul. The FSC is considering scrapping the registration system for foreign investors, a key hurdle for the country's inclusion on the Morgan Stanley Capital International (MSCI) index. "We hope that these efforts can help (the S. Korean capital market) receive a worthy evaluation (globally) and generate a new growth paradigm for a lasting advancement," he added.
*This article is extracted from Invest KOREA information center, 2022.