The government on Tuesday announced plans to provide three-point-five trillion won in financial aid to help bolster the auto parts industry weighed down by sluggish exports and GM Korea's corporate restructuring.  

The money is meant to help companies that have a competitive advantage but are facing a temporary liquidity crunch. The lifeline will come in the form of a new credit guarantee program for bonds and in existing loan extensions. 

Under the plan, it will also help auto parts manufacturers expand into overseas markets and embrace future technologies.  

The government also raised its goal for domestic production of eco-friendly cars from the current one-point-five percent to more than ten percent by 2022. 

It aims to have 430-thousand electric and 65-thousand hydrogen vehicles on the nation's roads by that time. The target is up from a previously announced goal of 350-thousand electric and 15-thousand hydrogen cars. 

The auto parts industry accounts for seven percent of employment, seven percent of production and four percent of exports in the domestic manufacturing sector.