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.

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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

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