The recently announced subvention program that the South Korean government planned to roll out, has officially taken effect. A total of 12 million Won (11,160 dollars) per person have been allocated to subvention a total of 16 different car models from both local and foreign producers.
The subvention covers 156 provincial governments around the nation, as well as providing incentives for local governments to support the subventions in their own rights. This mans that drivers of one of the 16 preferred car models can qualify for even further additional subsidies, ranging from 4.4 million up to 11 million Won at the local level.
The subsidies differ from state to state, and the highest subsidies go to drivers from South Jeolla Province, who can qualify for a total of 23 million Won. Experts say, that the government underestimated demand for EVs in South Korea, and lower subsidies would have been similarly effective, as sales have bloomed to a total of 13,826 models in the last year, and this years predictions total 49,630. There is certainly hot competition for customers, as the Chevrolet Bolt EV is garnering pre-orders in the area of 5000 units, which sold out in about 3 hours, while Hyundai and Nissan compete to keep up with demand as well.