Supporting Future Generation Vehicle Research, South Korea Disburses IDR 4.7 Trillion

The electric vehicle Hyundai Prophecy by Lee Sang Yup. (Source: Hyundai Motor)

JAKARTA - The South Korean authorities announced on Friday April 16 that they are ready to develop the next research and development (R&D) vehicle technology, to make Korean car manufacturers lead the global market.

Finance Minister Hong Nam-ki said the government would spend around 367.9 billion won or around 328 million US dollars or around Rp.4,770,874,800,000 to support R&D on next-generation cars. This fund is up 37 percent compared to last year.

"It is urgent to invest in R&D on next-generation vehicles in a preemptive manner, as competition deepens to secure key technologies," Hong said at a meeting on innovative growth, as reported by the Korea Times.

Hong said the government will focus on supporting R&D in six key technologies critical to developing next-generation cars, including batteries, hydrogen fuel cells, driverless communications and automotive chips.

To note, the leading car manufacturer Hyundai Motor has suspended part of its South Korean factory, due to a shortage of electronic parts in the midst of a global automotive chip supply crisis.

Meanwhile, President Moon Jae-in held a meeting with business leaders on Thursday, vowing strong and varied support for the local semiconductor sector.

Hyundai itself was able to win the most prestigious title at the 36th Automobile International (FAI) Festival in 2021. Head of the Global Design Center for Hyunai Motor Lee Sang-yup, won the prestigious Grand Prize of Design award, an award given to automotive designers for their original work. , creative, trendy and influential in the automotive sector. The work that led him to become a champion was the Hyundai Prophecy electric vehicle concept.