Competition in Korea's electric vehicle market speeds upUpdated: 2014-03-17 21:54:24 (KST)
They're quiet, eco-friendly, and cost-efficient.
Industry watchers say electric vehicles, or EVs are approaching a tipping point.
Automakers are producing cars that run entirely on battery power and are now aiming these vehicles squarely at the mass market.
The only thing standing before the mass commercialization of EVs is the required infrastructure.
"Investment into charging infrastructure needs to be made before the market can expand. The government's support for electric and eco-friendly cars will help boost sales."
In fact, the Korean government has been and is still pushing to ensure there are more electric cars on the nation's roads.
Up until last year, you had to live in one of the ten cities chosen by the government to receive subsidies for EVs, but that regulation is expected to be lifted soon.
"The government continues to provide subsidies for those purchasing electric vehicles. Including various tax-breaks and other incentives, this year, you could get more than 22-thousand U.S. dollars in subsidies. These will make electric cars much more affordable and attractive to customers."
The world's major automakers are speaking with one voice in their push to provide zero emission solutions around the world.
The commercial director of Renault's EV program says Korea's customer dynamic is a plus to its market potential.
"What is wonderful in Korea is that the customers don't have a lot of resistance. They are very open to innovation, they are very open to new technologies and accept very quickly. We still think 10 percent of the market in 2020 is a realistic target for EV."
Electric cars have been around for decades but automakers have never been as excited about their mass appeal and viability as they are now.
With investment pouring into enhancing battery technology, market watchers say competition in the EV market in Korea is just getting started.
Laah Hyun-kyung, Arirang News.
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