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Korea to boost spending on R&D for next-generation cars

Deputy Prime Minister and Finance Minister Hong Nam-ki, left, waves his hand, while riding in a self-driving vehicle at the Future Mobility Center in Seoul, Friday. Yonhap
Deputy Prime Minister and Finance Minister Hong Nam-ki, left, waves his hand, while riding in a self-driving vehicle at the Future Mobility Center in Seoul, Friday. Yonhap



Korea said Friday it plans to increase investment in research & development (R&D) on key technologies for next-generation vehicles in a bid to help local automakers take the lead in the market.



Finance Minister Hong Nam-ki said the government will spend 367.9 billion won ($328 million) in supporting R&D on next-generation autos this year, up 37 percent from the previous year.



“It is urgent to make an investment in R&D on next-generation vehicles in a preemptive manner as competition has deepened to secure key technology,” Hong said at a meeting on innovative growth.



Hong said the government will focus on supporting R&D of six key technologies crucial to developing next-generation cars, including batteries, hydrogen fuel cells, self-driving communications and automotive chips.



Top automaker Hyundai Motor has suspended part of its plants in the country due to a shortage of electronics parts amid a global supply crunch of automotive chips.



President Moon Jae-in held a meeting with business leaders Thursday, vowing strong and various support for the local semiconductor sector. (Yonhap)

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