Renault Samsung and ministry agree on electric vehicles

Renault Samsung Motors, the Korean unit of French automaker Renault, signed a memorandum of understanding with Ministry of Environment to expand supply of electric vehicles.

The nation’s fourth-largest automaker said it will set the price of its electric vehicle (EV) under 45 million won.

The company will officially sell its SM3 Z.E., a compact-sized EV, from the second half of this year.

RSM said the MOU will build cooperation and trust among the automaker, the ministry, the Korea Electric Vehicle Industry Association (Kevia) and other five core partners (Posco, Kumho Tires, LG Chemical, LS Cable and CityCar).

The environment ministry said it will actively cooperate in giving subsidies to EV buyers and expand the infrastructure such as charging stations.

Kevia said it will continuously research and communicate with other parties to develop the EV industry.