In its hydrogen economy policy blueprint released on Thursday, the South Korean government said it will increase the cumulative number of hydrogen-powered vehicles produced in the country from the current two-thousand to six-point-two million units by 2040.

Half of the production of six-point-two million will be exported, with the government hoping to see the country become the world's top exporter of hydrogen cars.

According to the blueprint, the price of a hydrogen car is expected to halve to below 40 million won once the country establishes a mass commercial production system with the cumulative number of units produced reaching 100-thousand by 2025.

The government will ease regulations to encourage the private sector to build more charging stations for hydrogen vehicles, soaring from 14 last year to one-thousand-200 by 2040. 

South Korea plans to supply one gigawatt of new hydrogen capacity by 2022 for power generation, with the numbers rising gradually to reach 15 gigawatts in 2040, which is the equivalent of power generated by 15 nuclear reactors.

The country also seeks to supply two-point-one gigawatts of hydrogen power for houses and buildings by 2040, which is enough for one million households.