INTIEAKorea · Electric Vehicle Subsidy Regulatory GuidancePolicyIn force

Electric Vehicle Subsidy Regulatory Guidance

Beginning in 2015, the Korean government has announced annual guidance on electric vehicle purchase subsidies that are aimed at supporting EV adoption. Overall annual budgets and specific guidance on calculating the exact amount subsidies provide per vehicle are announced at the…

Last changed 2 years ago.

Extracted view for reading · Original for compliance evidence

Lifecycle

EffectiveJan 01, 2024
Last changeMay 17, 2024

Country / jurisdiction: Korea · Year: 2024 · Status: In force · Level: National · Type: Voluntary

Beginning in 2015, the Korean government has announced annual guidance on electric vehicle purchase subsidies that are aimed at supporting EV adoption. Overall annual budgets and specific guidance on calculating the exact amount subsidies provide per vehicle are announced at the beginning of the year.

The 2024 guidance provides KRW 1.7 trillion in subsidies. Funding is further broken down by vehicle category:

KRW 932 billion for light-duty passenger vehicles

KRW 140 billion for light- and medium-duty commercial vehicles

KRW 630 billion for heavy-duty commercial vehicles

Specific subsidy amounts are set for each vehicle model and determined by a range of factors including battery efficiency, ease of recycling, operations and maintenance availability, and vehicle cost.

The official intent behind the 2024 changes is identified as the following:

Encouraging adoption of safe and efficient electric vehicles by encouraging longer-range vehicles

Encouraging batter technology innovation

Encouraging manufacturer support for vehicle maintenance

Targeting adoption by disadvantaged communities

However, media reports have suggested that the changes are aimed at protecting domestic manufacturers against imported electric vehicles.

Official source: https://kev100.aea.or.kr/kor/ntt/nttRead.do?pagerOffset=0&searchKey=&searchValue=&menuNo=13&bbsId=7&nttId=7

Source

https://www.iea.org/policies/19815

Canonical document at the regulator. Always cite this URL — not the Vantage detail page — in compliance evidence.

Related in International

INTEnergy Newsoilprice:oilprice-article-45284NewsIn force

Brazil’s New Oil Frontier Could Keep Its Boom Alive For Decades

Brazilian President Luiz Inácio Lula da Silva has hailed a new offshore oil discovery by Petrobras (NYSE: PBR) near the mouth of the Amazon River as a "passport to the country's future", continuing his support for controversial oil and gas drilling in Amazon's ecologically sensitive regions. Last week, the state-run Oil & Gas giant announced it has found oil at the Morpho-1 well (Block FZA-M-59) in the mouth of the Amazon roughly 180 kilometres (112 miles) off the coast of Amapa state, “All of our studies indicate substantial potential.…

INTEnergy Newsoilprice:oilprice-article-45283NewsIn force

Houthis Move to Gain Complete Control Over Crucial Bab el-Mandeb Oil Chokepoint

The Yemeni Houthis are planning to seize land along the Yemeni coast in the Bab el-Mandeb Strait, tightening their control of the chokepoint. The information comes from the minister of information in the government that the Houthis are fighting in Yemen and suggests further disruption to marine traffic on one of the world’s busiest trade routes. “The Houthi militia... is working to create the conditions for seizing control of the Bab al-Mandab Strait by expanding its presence along the western coast and attempting to control strategic…

INTEnergy Newsoilprice:oilprice-article-45282NewsIn force

Hormuz Oil Crisis Accelerates Global EV Sales

Global electric vehicle sales have surged this year following the oil supply disruption in the Middle East and the second oil price shock in four years. The accelerating EV adoption that began with the spike in oil and fuel prices earlier this year is set to remain a trend in the global markets and could push the share of EVs in the passenger fleet above earlier expectations, analysts at Wood Mackenzie say. Challenges to accelerated adoption still remain, including the need for billions of U.S. dollars in investments in critical battery minerals…

INTEnergy Newsoilprice:oilprice-news-45284NewsIn force

Washington Eases Gasoline Rules as Iran Pressure Campaign Jolts Fuel Costs

Washington is tightening the screws on Iran and loosening the rules on gasoline at the same time as Americans are paying more than $4 a gallon. The Environmental Protection Agency on Thursday authorized an early switch to cheaper winter-grade gasoline, allowing sales of gasoline blended with 10% ethanol beginning September 1 rather than waiting for the normal mid-September seasonal transition. The administration says ending summer-blend requirements early could add hundreds of thousands of barrels per day to domestic gasoline supply and provide…

INTEnergy Newsoilprice:oilprice-article-45270NewsIn force

How Solar Panel Prices Fell 90 Percent In 15 Years

Solar power is far and away the world’s fastest-growing form of energy production, beating out every other form of energy on Earth in 2025. Despite a recent political pivot away from renewable energies in the world’s largest economy, solar power additions continue to shatter its own records year over year as the sector has long since outgrown any need for subsidies. Solar power has simply become too cheap to fail. “We have a plentiful and cheap source of electricity that can be built quickly, almost anywhere in the world,”…