100% Subsidy to Be Limited to Cars below 60 Mil. Won
The South Korean government announced on Jan. 21 that electric vehicles priced at more than 90 million won are no longer eligible for its subsidy and the 100 percent subsidy will be limited to those priced at less than 60 million won.
From 2013 to last year, the government provided the electric vehicle subsidy regardless of the vehicle price. From this year onwards, however, the subsidy will vary with the price. Those in the price range of 60 million won to 90 million won will be given a 50 percent subsidy.
Specifically, the Hyundai Kona and the Kia Niro can be given eight million won from the central government and up to 11 million won from a local government. For the Hyundai Nexo, a hydrogen vehicle, the amounts are 22.5 million won and up to 15 million won, respectively. Tesla Model S, Jaguar I-Pace, Mercedes-Benz EQC 400 and Audi e-tron are no longer eligible for the subsidy.