The South Korean government today announced it is offering several financial incentives to boost sales of electric vehicles (EVs), expand infrastructure to accommodate commercial hydrogen fuel cell vehicles, and generally shore up its place in the global EV and hydrogen vehicle markets, Korea JoongAng Daily reports.
“Under the policies, all buyers aged between 19 and 34 who select an EV for their first car will be given up to 20 percent additional subsidy on top of the maximum 5.8 million won ($3,973) of existing subsidy that goes to all EVs that cost less than 53 million won [$36,416].” In addition, “All EV owners will be exempt from individual consumption tax and acquisition tax until 2026 and get a discount on highway toll fees until 2027.” Through a 720 billion won ($495 million) investment, the government also plans to expand its fleet of hydrogen-fueled buses and more than double the number of commercial hydrogen fuel stations. Other measures are detailed in the article.
“‘EVs and batteries are the future of the mobility industry; the government will spare no expense for Korea to actively respond to the current slowing down trend and regain its leadership in the rapidly changing global markets,’ said Ahn Duk-geun, Minister of Trade, Industry and Energy.”