South Korea increases subsidy funding pot for 2022

The Seoul city government said it will pay subsidies to buyers of about 14,200 electric vehicles during the first half of 2022, as part of its bid to support the purchase of 27,000 electric vehicles for the whole year.

In the period from 2009 until last year, covering a total of 13 years, the Seoul government has supplied 52,400 electric vehicles. The cumulative number is expected to exceed 80,000 units by the end of this year. In order to help achieve this number, the government in Seoul is preparing new subsidy measures.

Under the funding scheme, electric passenger cars, a maximum subsidy of 9 million won (about US$7,520) will be paid, the government said, adding vehicles priced above 85 million won are excluded from subsidy support. Electric trucks will be given subsidies ranging from 9 million won to 27 million won.

The Seoul government announced that they will receive applications for electric truck subsidies starting from Feb. 22 and electric passenger cars and buses from March 22, both through the environment ministry’s electric vehicle website,

In addition to providing subsidies for private EVs, the city government announced plans to supply 20 medium-sized electric buses on a trial basis to be used as shuttle buses for welfare and medical facilities and commuter buses for public institutions.


about „South Korea increases subsidy funding pot for 2022“

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