Since the beginning of the year, the country’s government is no longer granting 14m won (around 10,700 euros) to everybody buying an EV, but contributes 10.7m to 12m won – depending on the EV’s battery capacity.
In 2018, South Korea’s Ministry of Environment says it will provide a total sum of 240bn won, what is enough to grant at least 20,000 EVs. Also local authorities will further award EV purchases with 6m won in average. This local subsidy stays independent of the model type. Thus, in total, subsidies can still reach up to 18m won (approximately 13,800 euros).
Also buyers of electric trucks and buses can count on 12m won from the state, while electric taxis see a 14m won subsidy according to the new regulations.