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KOREA, 4 July 2023: National Agricultural Cooperative Federation (NongHyup) has announced plans to install at least 5,000 open electric vehicle (EV) charging stations in rural areas by 2030. The move is part of the South Korean federation’s efforts to improve the country’s EV charging infrastructure, which is currently concentrated in urban areas.
NongHyup has over 9,000 offline bases nationwide, including Hanaro Mart convenience stores, farming and livestock cooperative units, NongHyup Bank branches, and gas stations. The federation plans to use these locations as charging sites for EVs.
According to an industry source, NongHyup has designated its holding company, NongHyup Agribusiness Group, to run its EV charging station business. The source said that NongHyup will launch an intra-company contest for a new brand name and development of a charging station system computer. The federation will then designate a charger manufacturer.
NongHyup currently has 230,082 EV chargers nationwide, but 70% of them are located in downtown areas of major cities. Only 7% of the chargers are in rural areas. The federation’s plan to install 5,000 charging stations in rural areas by 2030 will help to address this imbalance and make EVs more accessible to people living in rural areas.
“This solution can cover vulnerable charging areas difficult for other private operators to enter,” a NongHyup source added.
The move by NongHyup is in line with the South Korean government’s goal of increasing the number of EVs in the country to 1.2 million by 2030. The government has also set a target of installing 1.5 million EV charging stations by 2030.
The expansion of EV charging infrastructure is essential for the growth of the EV market in South Korea. As more people adopt EVs, there will be a growing need for charging stations. NongHyup’s plan to install 5,000 charging stations in rural areas is a step in the right direction and will help to make EVs more accessible to people living in all parts of the country.
