Korean government is targeting a 40% cut (NDC; nationally determined contribution) in greenhouse gas emissions by 2030 and carbon neutrality by 2050. Joining the government’s efforts to achieve the target, MOLIT announced the “Carbon Neutrality Roadmap” and vowed to support the transition of commercial vehicles to EV/FCEV as a priority. Under the roadmap, 500,000 commercial vehicles will be transitioned to EV/FCEVs by 2030, targeting 4,500,000 EV/FCEVs by 2030.
In line with the MOTIE’s EV purchase target system for commercial vehicles enforced from Jan. 25, 2022, MOLIT’s plan likely speed up the spread of EV/FCEVs for commercial vehicles such as buses, taxis, trucks and rental cars. In particular, the demand is growing rapidly for EVs in the rental business. Currently, the EV in the rental business is forecasted to have annual growth of 30% by 2030.
