The industry ministry said Thursday it plans to provide up to 464.5 billion won ($317.6 million) in support for the automotive sector this year to help the local industry secure competitiveness in cutting-edge technologies, such as autonomous driving. The plan unveiled by the Ministry of Trade, Industry and Resources comes after South Korea’s auto exports hit a record high of $72 billion last year, despite impacts from U.S. tariffs. Of the total, 382.7 billion won will be invested in the research and development of core auto technologies, including autonomous driving systems, and electronic and hydrogen-powered vehicles. A public-private alliance on autonomous driving formed last year will lead various projects in self-driving technologies, the ministry said. On the electronic and hydrogen-powered vehicle front, the ministry will support the development of core technology for such vehicles, including cell-to-pack battery systems for electric vehicles (EVs). The remaining 81.8 billion won will be used to fund investment projects and support car parts manufacturing businesses in regional hu
Industry ministry to invest over 460 bil. won in cutting-edge auto technology
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