S. Korea Aims for Huge Boost in EV Sales

South Korea’s government and the country's carmakers hope to multiply the number of electric cars on the road in Korea from a few thousand today to 250,000 by 2020, the Financial Times reports.

Last year the government declared a goal of pushing EV sales to 30% of Korea’s annual new-car volume in three years from less than 3% currently. Korea’s Ministry of Environment predicts deliveries will climb to 14,000 units this year from 2,900 units in 2015 and 5,900 in 2016.

Demand is being stimulated by government incentives and a vow to install tens of thousands of EV charging points in the country, according to FT. The newspaper says some states are offering subsidies worth as much as 14 million won ($12,200) on certain EVs—an amount being matched by local governments.

Last year Hyundai introduced the market’s first locally mass-produced electric, the Hyundai Ioniq. The company plans to add a model next year than can travel 400 km (250 miles) per charge.

FT says the Ioniq will be joined later this year in the Korean market by Tesla’s Model S and Model X electric luxury cars and General Motors’ new all-electric Chevrolet Bolt.