SEOUL, Jan. 5 (Korea Bizwire) — Starting this year, high-end electric vehicles (EVs) that cost more than 90 million won (US$82,800) will be excluded from government subsidies.
The Ministry of Environment announced Monday a new subsidy policy that will soon come into effect.
The government has provided new criteria for electric vehicle subsidies based on the price of the car.
With the new instructions in place, local governments are now required to set the value of subsidies in a set proportion to the subsidies provided by the government.
An EV will be subsidized fully if it costs less than 60 million won with national and local subsidies combined. If it costs between 60 and 90 million won, the car will only receive half of the subsidies.
EVs that exceed 90 million won in price will not be eligible for any subsidies.
EV taxis will be offered 2 million won in additional subsidies. Small-sized EVs will be given 4 million won regardless of the model.
EV vans will be subsidized based on the car’s performance (efficiency and distance covered) and the size (medium up to 60 million won, large up to 80 million won).
EV trucks will be subsidized based on the size of the vehicle (miniature 5.12 million won, miniature-small 11 million won, small 16 million won).
Kevin Lee (email@example.com)