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Korea will launch a large-scale joint government and civilian project to join the group of four leading countries that develop green (future-oriented environment-friendly) cars. Initially, Hyundai Motor, three domestic battery makers -- Samsung SDI, LG Chem and SK Energy -- the Ministry of Knowledge Economy, and the Korea Automotive Technology Institute will sign a memorandum of understanding to jointly develop lithium-ion batteries for plug-in hybrid cars at the Lotte Hotel in Sogong-dong, Seoul on Monday.
The government plans to provide a fund of W40 billion (US$1=W1,062), W8 billion each year for five years from the second half of this year on the project, while the companies will invest more than W1 trillion.
This is the first time that domestic conglomerates have formed an "alliance" to develop batteries.
Lithium-ion batteries are expected to become the key power source for future hybrid electric cars. They are over twice as efficient, and cheaper to produce, than nickel-hydrogen batteries.
Following competition in the semiconductor and LCD markets, Korea and Japan now look likely to vie for market dominance of this next-generation growth engine.
(englishnews@chosun.com )
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