President Moon Jae-in has vowed to accelerate efforts to promote future cars with plans to invest over 20 trillion won in electric and hydrogen-powered vehicles by 2025.

While inspecting a Hyundai Motor plant in Ulsan on Friday, Moon said the next five years represent the golden time to lead the global market in this area.

He then introduced three strategies to foster the future car market including increased supply, more jobs and a shift in the industrial ecosystem.

President Moon expressed plans to supply 200-thousand hydrogen cars and over one million electric vehicles by the year 2025 and spur Korea's advance into the North American, European and Chinese markets.

He also vowed to develop secondary batteries, auto parts and equipment into a sector posting annual sales of 13 trillion won.

Moon said South Korea will also be the first in the world to commercialize level four autonomous cars by 2027.

Moon's visit to the plant marks his seventh such on-site inspection related to the Korean New Deal project.