SEOUL-- The top executive of Renault Korea Motors Co. has said that his company will roll out its first electric vehicle in South Korea in 2026.
During a meeting with reporters on Friday, CEO Stephane Deblaise stressed that 2026 would be the perfect timing for his firm to release an EV model, given such factors as a potential decline in battery prices and the eco-friendly car market size in the country.
In 2026, electric cars are expected to take up around 20 percent of the total car market in South Korea before growing to around 30 to 40 percent by 2030. The cost of battery cells has dropped to US$130 per kilowatt-hour from $200.
Renault Korea will launch a project to develop electric vehicles if its parent company French carmaker Renault SA approves its upcoming EV development proposal, he added.
As for investment plans at home, Deblaise said he is not considering any expansion of production facilities in South Korea, as his firm seeks to take up around 10 percent of the domestic market by producing around 150,000 vehicles per year.
Its factory in the southern port city of Busan has an annual production capacity of 250,000 to 300,000 units.
Industry data showed that Renault Korea accounted for around 4 percent of the South Korean auto market last year.
Source: Yonhap News Agency