South Korean Finance Minister Lee Discusses Incentives with Hyundai — Korea Herald

In South Korea, Finance Minister Lee Hyeon-il met with Hyundai Motor Group Executive Chair Chung Eui-sun to discuss the development of the electric vehicle industry and possible tax incentives for the sector. As Korea Herald reports, the official and the automaker’s head spoke for about 20 minutes before an industry roundtable at Hyundai’s research center in Hwaseong.

Tax incentives for manufacturers

According to the publication’s sources, the participants in the meeting exchanged views on applying tax benefits to electric vehicles produced in the country. The Ministry of Economy and Finance also said that Lee was briefed on Hyundai Motor Group’s plans to develop next-generation electric vehicles and autonomous cars.

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Meeting with industry representatives

The roundtable, attended by representatives of other automakers, was part of government consultations on electric vehicles and autonomous driving technologies. Lee said that electric vehicles are the next area of competition for restoring the country’s growth potential, and that South Korea needs to achieve a technological level comparable to leading countries within two to three years.

Business representatives, for their part, urged the authorities to promptly introduce measures to preserve the global competitiveness of local companies. Among the proposals was the idea of tax deductions for domestically produced electric vehicles.