S Korea aims for 10 pc of global electric car market by 2015

President Lee Myung-Bak Thursday offered full government support to
help South Korean firms secure about 10 percent of the global
electric car market by 2015. Lee said the country should make all-out
efforts to develop the technology. "The government will extend full
support to the auto industry," he said, adding electric cars could
become a new growth engine after computer microchips and ships. His
comment came at a meeting of economic policymakers in the research
institute of the country's leading auto group Hyundai at Hwaseong
south of Seoul. The Ministry of Knowledge Economy said it is now
targeting mass production of electric cars from 2011 instead of
2013. "If all goes according to our plans, local carmakers will be
able to grab 10 percent of the global electric car market by 2015 ,"
Cho Seok, a deputy minister, told reporters. The government says it
will allocate 400 billion won (341 million dollars) between now and
2014 to support development of high- performance batteries and other
related systems. Separately Hyundai Motor and its affiliate Kia
Motors have announced plans to invest 4. 1 trillion won by end-2013
to develop fuel- efficient cars and cut carbon emissions.