South Korea and its leading companies are positioning themselves to compete in the steadily expanding global electric vehicle market, which promises to change the way cars are made and what people and governments need from their vehicles.

The domestic unveiling of Kia Motors Corp.’s Soul EV earlier this week, which is competitively priced vis-a-vis its rivals, has better range and looks and drives like a normal combustion engine vehicle, can be seen as a sign that the country’s No. 2 carmaker is serious about catching up to rivals with a three- to four-year head start in the global market.

South Korea, too, said it wants to expand recharging infrastructure across the country as policymakers eye the potential of EVs and associated businesses to generate economic growth.

According to the Korea Automotive Research Institute, the global EV market will reach 350,000 units this year from 70,000 in 2012. (Yonhap)