South Korea sees EV, hydrogen fleet at 200,000 in 2020
South Korea's government forecasts the country having more than 200,000 electric and hydrogen vehicles on its roads by the end of this year amid increased public incentives.
A projected 94,430 electric vehicles (EVs) and hydrogen cars will be added in 2020, equivalent to 84pc of the 113,000 added over 2012-19, according to the country's environment ministry. This year's additions are expected to include 65,000 regular EVs, 11,000 two-wheeled EVs, 7,500 electric delivery trucks and 650 electric buses.
Seoul has budgeted 1.1 trillion won ($946.5mn) for EV and hydrogen subsidies and charging infrastructure this year, including purchase incentives for 65,000 regular EVs, up from 42,000 in 2019. It aims to boost sales of electric and hydrogen vehicles to 33pc of all cars sold in the country by 2030, up from about 2.6pc last year.
South Korea is also increasing exports of EVs. Domestic auto producers Hyundai and Kia exported 63,414 EVs in 2019, up by 128pc from a year earlier.
The transition to EVs boosts demand for cobalt, lithium and other materials used to make batteries, with South Korea having several ventures under way to recycle used battery packs.
The latest is a plan by GS Engineering and Construction to build a W100bn battery recycling plant in the subsidised industrial district of Pohang. The plant, which is scheduled to open in 2022, will have capacity to process 1,000 used EV batteries each year, extracting cobalt, manganese, nickel and other metals that will be sold to battery producers and other manufacturers. GS said it will be able to extract 4,500 t/yr of valuable metals when the factory opens, and additional investments could push capacity to 10,000 t/yr.
By Tony Cox
source: Argus Media
Top News
Five last month
Two last year
US Energy Dept finalizes $2.26bn loan for Lithium Americas’ Nevada mine
Abandoned copper mines embraced as fast track to boost output
Glencore posts lower metals output for first nine months, reiterates outlook
Mercuria eyes equity in African assets, new metals boss says
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Traders see gold as a surefire bet as coin-toss election looms
Gold price surge adds glitter to tarnished miners
Environmentalists sue over US approval of ioneer’s Nevada lithium mine
Gold price shows little reaction to jobs data
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
Liberty Gold advances Black Pine project permitting
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years
St Barbara raises $73m to fast-track Simberi sulphide production
Copper price sees biggest drop since May as Trump’s win boosts dollar
Sibanye agrees wage deal for its gold operations, union says
China’s industry ministry plans to step up lithium, cobalt, nickel exploration
China zinc smelter group sets processing fees for Q1 2025
Brazil prepares to remove illegal Amazon gold miners from Munduruku land
Anglo American sells Australian coal JV stake for $1.1 billion
Solidcore to buy 55% stake in Kazakhstan’s Syrymbet tin deposit for $82.5m
Ecuador to reopen mining register for first time in over six years