Seoul: South Korea will allocate 499 billion won (US$343.3 million) this year towards the development of advanced technologies in the automotive sector to enhance its competitiveness in the future mobility market, the industry ministry announced.

According to Yonhap News Agency, this investment represents a 56.6 billion-won increase from the previous year's allocation, as stated by the Ministry of Trade, Industry and Energy. The ministry plans to direct 432.6 billion won from the 2025 budget towards research and development in autonomous driving technologies, electric vehicles (EVs), and hydrogen cars.

The government's focus will be on developing technologies to create self-driving cars that ensure zero accidents and do not require human drivers. Additionally, efforts will be made to develop an electric vehicle motor that does not rely on rare earth metals, which are largely imported by South Korea. The initiative also includes the development of a high-speed wireless EV charging system and advancements in battery-related technologies.

Furthermore, 66.5 billion won will be allocated to establish infrastructure for auto parts businesses, as per the ministry's plans.