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S. Korea to halve electric car charging fee

All News 17:42 July 18, 2016

SEJONG, July 18 (Yonhap) -- South Korea will cut electric car charging fees by half later this year as part of its efforts to promote the sector as a new growth engine, the trade ministry here said Monday.

Electric vehicle owners will pay 60,000 won (US$53) to super-charge their cars at on-street public charging points starting from September, down from the current 120,000 won, according to the Ministry of Trade, Industry and Energy.

The price for normal charging will also go down to 9,500 won from 19,000 won, the ministry said.

The price cut is a follow-up to the South Korean government's long-term plan unveiled earlier this month to transform the country's energy sector into an eco-friendly one.

The electric vehicle industry is at the top of the supportive program, with the country aiming to export an annual 200,000 units of the eco-friendly car by 2020 with a market share of 10 percent.

In order to achieve the goal, the government will help battery companies conduct R&D projects and set up nationwide electric car charging stations, while electric car buyers will get more financial incentives such as 14 million won in state subsidy.

"We will speed up the implementation of the program to foster the electric car sector as our key export item by 2020," Vice Trade Minister Woo Tae-hee said in a regular briefing.

brk@yna.co.kr
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