Sunday, December 10, 2023

France will also exclude Korean electric cars from public funding

Next January, France will introduce a new subsidy system for the purchase of electric cars The main innovation will be the addition of emissions from manufacturing and transport as a condition of access. A measure aimed at mitigating the effects of globalization but also stopping Chinese electric cars. It has now been confirmed that this measure will also affect cars manufactured in South Korea.

As we remember, the new public funding model will mean that each model will receive an environmental assessment. Anyone who exceeds 60 points is entitled to state subsidies; the rest are excluded.

The manufacturing conditions of the battery, the type of body and the even your means of transport to France. With this movement, the French authorities want to favor cars manufactured in Europe.

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Although this measure mainly targets Chinese electric cars, concerns are growing in China the industry that is South Korean role models which could also be excluded from funding, which would lead to significant competitive disadvantages.

The French government announced the final version of its aid program a few weeks ago, after which a phase of gathering opinions and accusations began. The core of the law is about assessing emissions and the CO2 footprint throughout the entire production process in order to include them in the funding criteria.

Although its main goal is to stop the spread of models from the Asian giant, there is a high probability that companies from other external markets will be affected by this measure. both the South Korean and other alternatives such as the Vietnamese or the Indian.

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One of South Korea’s problems was its cautious commitment to renewable energies. In 2022, the composition of the electricity mix is ​​based predominantly on fossil fuels, which account for almost 63% of total electricity.

He Money with approx. a 34%, and gas make up the majority of this category at 28%. The remaining 37% of electricity is low-carbon, with nuclear power accounting for 28% of total electricity, while the remainder is carbon Solar energy (5%), biofuels (3%) and, to a lesser extent, wind and hydropower, which together account for just over 1% of the electricity mix.

A measure that could accelerate plans to expand production by South Korean brands in their European factories, resulting in fewer emissions in processes such as transportation, but also increased workloads in our factories.

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Nation World News Desk
Nation World News Desk
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