SEOUL, Nov. 3 (Yonhap) -- South Korea's industry ministry said Tuesday it will launch a new division under its wing, which will be in charge of spearheading the country's future car sector in line with the country's blueprint on the automobile segment.
The new division will also center on developing electric vehicle and hydrogen car-related technologies, according to the Ministry of Trade, Industry and Energy. The new body will officially launch Nov. 11.
The decision came in line with the country's efforts to foster environment-friendly automobiles as the nation's new growth engine.
Last week, South Korea announced it will increase the number of accumulated sales of electric cars and hydrogen fuel cell automobiles to 1.13 million and 200,000, respectively, by 2025.
It will mark a sharp growth from September when the accumulated number of EVs on roads here reached 120,000 units, while those of hydrogen cars came to around 9,500 units.
To make eco-friendly cars more affordable, the country will also make efforts to extend tax deductions on the purchase of such automobiles by 2022 and work closely with private firms to slash the price of major parts.