Seoul: The industry ministry announced plans on Thursday to allocate up to 464.5 billion won (US$317.6 million) this year to bolster the automotive sector's competitiveness in advanced technologies like autonomous driving.
According to Yonhap News Agency, the Ministry of Trade, Industry and Resources revealed this initiative following South Korea's automotive export achievement, reaching a record US$72 billion last year, despite challenges from U.S. tariffs. Out of the total investment, 382.7 billion won is designated for research and development in core auto technologies, including autonomous driving systems, electronic vehicles, and hydrogen-powered vehicles.
The ministry highlighted that a public-private alliance on autonomous driving, formed last year, will spearhead various projects in self-driving technologies. Additionally, the ministry aims to support the development of essential technology for electronic and hydrogen-powered vehicles, such as cell-to-pack battery systems for electric vehicles (EVs).
The remaining 81.8 billion won is set to fund investment projects and assist car parts manufacturing businesses located in regional hubs, as per the ministry's statement.