South Korea's finance minister Lee Hyoung-il met Hyundai Motor Group Executive Chair Euisun Chung for around 20 minutes to discuss developing the country's EV industry and tax incentives for domestically produced EVs, sources said. Hyundai briefed the ministry on next-generation EV and autonomous vehicle plans ahead of a government roundtable with automakers.
South Korea is weighing tax incentives for domestically produced EVs as it seeks to keep its automakers competitive globally, with the finance minister framing the sector as central to reviving the country's growth potential.
South Korea's Finance Minister Lee Hyoung-il met with Hyundai Motor Group Executive Chair Euisun Chung to discuss how to develop the country's electric vehicle industry and government tax incentives for the sector, according to sources cited on Monday.
The meeting lasted around 20 minutes and took place ahead of a roundtable at Hyundai Motor Group's research center in Hwaseong, south of Seoul. The two exchanged views on applying tax cuts for EVs produced in the country, the sources said. The finance ministry said Lee was also briefed by Hyundai Motor Group on its plans to develop next-generation EVs and autonomous vehicles.
The roundtable, attended by representatives from other automakers, was part of the government's efforts to gather industry views on EVs and autonomous driving technology. "EVs are the next battleground for the country to revive its growth potential," Lee said during the roundtable, stressing that the country needs to secure technologies in line with those of advanced nations within two or three years.
Business officials at the roundtable called for prompt government-led measures to help local firms remain competitive globally, suggesting tax deductions for domestically produced EVs.
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