S. Korea to invest $33 billion over five years in future vehicles

South Korea pledged to invest 35 trillion won ($32.6 billion) over the next five years in developing future vehicles including an all-electric car that can travel more than 500 kilometers on a single charge and building related infrastructure such as EV charging stations across the country.

The Ministry of Trade, Industry and Energy and the Ministry of Land, Infrastructure and Transport on Friday presented an outline of the government’s plans to develop the country’s future vehicle industry and establish a smart transportation system for autonomous vehicles with a private-public investment of 35 trillion won or more over the next five years.