The South Korean government plans to spend about 1.7 trillion won (US$1.49 billion) in the five years from 2011 to promote environmentally friendly cars, aiming to increase their domestic market share to 20% by 2015.
The Presidential Committee on Green Growth, a body advising President Lee Myung-bak, came up with the plan. Tax breaks for green-car buyers and other measures will be introduced in 2012 to coincide with the planned mass production of electric vehicles by Hyundai Motor Co. and other local car makers. Details are to be worked out later, but offering special public parking discounts and creating new parking spaces for eco-cars are included in the plan. (December 14, 2010)