The government will invest 499.4 billion won in the development of future vehicle technologies, including eco-friendly and autonomous vehicles, and focus on future vehicle technology development and corporate support.

The Ministry of Trade, Industry and Energy (Minister Lee Chang-yang) announced on the 9th that it will be conducting an integrated public notice regarding new support projects for the development of eco-friendly and autonomous vehicle technologies in 2023.

The total budget for support in the automobile sector is 499.4 billion won, an increase of 64.7 billion won from last year.

By sector, 311 projects will be promoted across four areas: △ KRW 229.3 billion for eco-friendly vehicle technology development such as electric and hydrogen vehicles, △ KRW 138.3 billion for digital fields such as autonomous driving, △ KRW 100.3 billion for infrastructure construction and commercialization support, and △ KRW 31.5 billion for human resources development.

Park Dong-il, Director General of Manufacturing Industry Policy at the Ministry of Trade, Industry and Energy, said, “The popularization of future vehicles such as eco-friendly and autonomous vehicles, which seemed far away, is being accelerated due to global companies’ announcements of the suspension of internal combustion engine vehicle production and digital innovation,” and emphasized, “In order to enhance the competitiveness of our automobile industry, the government will boldly improve regulations that hinder private innovation and focus its policy capabilities on technology development and corporate support for small and medium-sized parts companies.”