S. Korea to invest 12 billion won in electric vehicle R&D

15:22, March 15, 2010      

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The South Korean electric vehicle industry will receive a 12 billion won (10.57 million USD) investment in government research and development (R&D) funds, a state-run industrial research institute said Monday.

According to the (South) Korea Evaluation Institute of Industrial Technology (KEIT), the R&D funds will be invested in a project aimed at producing 30 prototype electric vehicles over an 11-month period, where 12 local companies, including Hyundai Motor Co., Hyosung, Mando Inc., and Hyundai Mobis, will receive the funding.

The companies will work on developing 11 key auto-parts, particularly focusing on motors, inverters, speed reducers, regenerative braking, battery management and monitoring systems, converters, and high-voltage wiring for small, urban, electric vehicles, the KEIT said.

In addition, the institute will organize an expert committee to help map out a strategy for green, electric vehicle development, it said.

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