Finance minister, Hyundai Motor chief discuss EV policies: sources

South Korea's finance minister met with the head of Hyundai Motor Group to discuss ways to develop the country's electric vehicle industry, along with government tax incentives for the sector, sources said Monday.

Finance Minister Lee Hyoung-il met with Hyundai Motor Group Executive Chair Euisun Chung for around 20 minutes ahead of a roundtable held on the day at the company's research center in Hwaseong, south of Seoul, according to the sources.

During the meeting, the two also exchanged views on applying tax cuts for EVs produced in the country, the sources said.

The finance ministry said Lee was also briefed by Hyundai Motor Group on its plans to develop next-generation EVs and autonomous vehicles.

The roundtable, attended by representatives from other automakers, was part of the government's efforts to gather industry views on EVs and autonomous driving technology.

"EVs are the next battleground for the country to revive its growth potential," Lee said during the roundtable, stressing that the country needs to secure technologies in line with those of advanced nations within two or three years.

In response, business officials called for prompt government-led measures to help local firms remain competitive globally, suggesting tax deductions for domestically produced EVs.