Seoul expands EV subsidies

The Seoul Metropolitan Government is increasing electric vehicle subsidies in 2026 by supplementing existing national incentives with additional local funding. That applies to passenger cars, fleets, and commercial vehicles.

Kia ev3 seoul suedkorea south korea min — Image: Kia

In total, Seoul plans to subsidise 22,526 electric vehicles this year, representing an increase of around 18 per cent compared with 2024. Of these, 22,409 units are allocated to private buyers, while 117 vehicles are reserved for public institutions. Applications for the 2026 subsidy programme will open on 26 January via the national zero-emission vehicle portal.

Subsidies for electric passenger cars will reach up to 7.54 million won (around €4,350) per vehicle. Buyers who replace an existing combustion passenger car or light truck with an electric model can receive combined conversion incentives of up to 1.3 million won (around €750) from national and city budgets.

Additional financial support is available for low-income households, young first-time buyers and families with multiple children.

Electric taxis will qualify for an additional 2.5 million won (around €1,440) in taxi-specific subsidies, with further incentives linked to extended battery warranty coverage. Support for electric cargo trucks has been expanded to include medium- and large-sized vehicles, with subsidies of up to 78 million won (around €45,000) depending on specification.

Incentives for electric buses and electric school buses remain among the most generous elements of the scheme, reaching nearly 150 million won (around €86,500) per vehicle based on size and category. City officials expect the expanded measures to support faster electrification across passenger transport, logistics and public services.

koreatimes.co.kr