The Hyundai Motor Group is planning to rank second in the global eco-friendly car market by 2020. To this end, the company is focusing on hydrogen fuel cell vehicle R&D at the Gwangju Creative Economy Innovation Center. At the same time, it is going to raise 177.5 billion won (US$162.3 million) in funds with the government for startups in the auto industry and better business management at small and medium enterprises. The funds include a so-called hydrogen fund of approximately 15 billion won (US$13.7 million), which will be spent on the hydrogen fuel cell industry. Industry-academic idea collection, expert consulting, and mentoring are scheduled, and stations are set up for LPG and CNG-based hydrogen and electric power generation, sale, and storage.
Joint research activities and programs will be underway as well to replace imported hydrogen vehicle parts with domestically-developed ones. Specifically, these will cover the development of separation membranes, base materials, storage, and transfer techniques for fuel cells and external power transmission technology, and so on. According to the Nikkei BP Cleantech Institute, the global fuel cell market is estimated to reach 400 trillion won (US$366 billion) in 2030. The hydrogen fuel cell industry of Korea is expected to exceed 107 trillion won (US$97.9 billion) by 2040, and they expect to create about 175,000 jobs and produce 23.5 trillion won (US$21.5 billion) of goods.
For full article, see Business Korea.
Hyundai Motor and Kia Motors on Tuesday opened their creative economy innovation center in Gwangju. The Gwangju center is the nation’s sixth creative innovation center, following Samsung Group’s Daegu and North Gyeongsang centers, SK Group’s Daejeon center, Hyosung Group’s North Jeolla center, and Posco’s Pohang center.
They are all part of the Korean government’s creative economy initiative, in which large conglomerates in each industry are matched with regions to help boost sagging local economies by assisting small and midsize companies and start-ups based there with cutting-edge technologies and business networks. Hyundai and Kia were matched with Gwangju because they have been doing business there for decades.
The Gwangju center will mainly focus on enhancing the regional economy in Gwangju and South Jeolla by researching eco-friendly automotive technologies such as hydrogen fuel-cell vehicles and hybrid cars. Of 17 creative innovation centers planned by the government, the Gwangju center is the largest in size, at about 1,190 square meters.
For full article, see Korea Herald.
As the hydrogen-fueled vehicle is emerging as the future growth engine, local governments are competing intensely to preempt it. In particular, as Chungeongnam-do Province and Ulsan are trying hard to develop the hydrogen-fueled vehicle as the representative industry and growth engine of the region, they are drawing a great deal of attention.
Chungeongnam-do Province established the ‘plan for commercialization of the fuel cell electric vehicle (FCEV) and development of the industrial infrastructure’ at the end of last October, and submitted an application for a preliminary feasibility study to the Ministry of Commerce, Industry & Energy. It is the second such plan since last May. In this new plan the province said that it would invest a total of KRW232.4 billion (230 million USD), i.e. KRW155 billion (150 million USD) from the government, KRW46.6 billion from the province and KRW30.8 billion from the private sector, to become a Mecca of the hydrogen-fueled vehicle.
Ulsan, possessed of a good infrastructure for the hydrogen-fueled vehicle, is also showing a strong affection for the hydrogen-fueled vehicle industry and committed to fostering this industry. Ulsan has invested a total of KRW12 billion (12 million USD) (KRW3.7 billion from the government, KRW1.4 billion from the municipal government and KRW6.9 billion from the private sector) from 2009 till 2014, and has been conducting the ‘Ulsan hydrogen-fueled vehicle commercialization project.’ So it has a very good infrastructure for the hydrogen-fueled vehicle.
For full article, see Korea IT News.
The Automotive Practice Asia Pacific at Frost & Sullivan said that the South Korean telematics market is expected to reach the advanced growth phase from 2012 to 2015. They noted that the commercial vehicle telematics market in South Korea is mainly driven by the aftermarket as original equipment (OE) telematics service is not available currently.
“Hyundai is likely to enter the OE-CV telematics market space in coming years. It is estimated that the market share of OE-CV telematics to be 10 percent by 2017 in South Korea,” Ms. Yun (Research Analyst, Automotive Practice Asia Pacific at Frost & Sullivan)said.
She added that penetration rate of the commercial vehicle telematics is expected to increase in South Korea as the Government plans to make the installation of vehicle black boxes in commercial vehicles mandatory. The total registered commercial vehicles in South Korea were estimated at 4.3 million units in 2010.
For full article see Korea IT Times.