This undated file photo shows an electric vehicle parked near a charging station in central Seoul. (Yonhap)
SEOUL, Feb. 24 (Korea Bizwire) – The government decided Thursday to phase out internal combustion engine (ICE) vehicles from its subsidy program for low-emission vehicles starting in 2024.
The decision was reached in an inter-agency meeting on the growth strategy of three-designated fields of technology innovation — semiconductors, future cars and bio health — in which the government decided to revise its eco-friendly vehicle support scheme to focus on zero-emissions cars by phasing out low-emission vehicles from the program.
The tentative plan will effectively exclude ICE vehicles from the government’s low-emission vehicle category from 2024.
According to the plan, subsidies towards LPG and CNG-powered vehicles and gasoline cars are to be excluded from the category starting in the next two years.
Hybrid electric vehicles (HEVs) and plug-in HEVs are under consideration of being excluded from the low-emissions car category in either 2025 or 2026. The government plans to fix the exact time frame in 2024 after reviewing the HEV market situation.
(Yonhap)
