S. Korea's electric car market likely to expand 5-fold until 2016

By Park Sae-jin Posted : April 14, 2015, 17:00 Updated : April 14, 2015, 17:35

 

South Korea's electric car market is expected to grow more than five-fold until next year, officials said Tuesday.

The number of electric vehicles (EVs) in the country totaled 3,044 units as of the end of last year, according to data compiled by the Ministry of Environment and local governments.

The figure will likely rise 5.3 times to 16,134 units in 2016, the ministry officials said.

The ministry plans to set aside about 150 billion won to purchase 10,000 EVs for public use next year, they said. The plan is subject to review by the Ministry of Strategy and Finance.  

This year, a total of 3,090 EVs will hit the roads nationwide, they said.  

The government has pushed ahead with its plan to replace its official vehicles with electric cars in phases as part of efforts to reduce greenhouse gas emissions which are blamed for global warming.

Copyright ⓒ Aju Press All rights reserved.