China Includes Two Electric Vehicle Models Equipped with Korean Company Batteries in Subsidy Recommendation List

[Asia Economy Reporter Ki-min Lee] The Chinese government has included electric vehicles equipped with batteries from Korean companies in the subsidy recommendation list.

According to the Korean Embassy in China on the 20th, the Chinese government recently registered two electric vehicle models equipped with batteries from Korean companies on the subsidy recommendation and purchase tax exemption lists and granted type approval.

The vehicle models are the Shanghai Tesla Model 3 sedan pure electric vehicle equipped with LG Chem batteries and the Chongqing Jinkang (重慶金康) SUV pure electric vehicle equipped with Samsung SDI batteries.

In China, electric vehicle subsidies can account for up to half of the vehicle price. Therefore, it is difficult to sell locally without receiving subsidies.

The Chinese government’s move to nurture domestic battery companies and the easing of the high-altitude missile defense system (THAAD) conflict between Korea and China have gradually opened the Chinese market for Korean electric vehicle batteries.

Previously, in December last year, two electric vehicle models equipped with batteries from Korean companies, including the Shanghai Tesla Model 3 and Beijing Benz PHEV, were listed on China’s subsidy recommendation list.

This content was produced with the assistance of AI translation services.