Gyeongnam Province Provides Subsidies for Purchasing Over 1,400 Eco-Friendly Hydrogen Fuel Cell Vehicles

First-come, first-served 1,452 subsidies of 33.1 million KRW ... Up to 6.6 million KRW tax reduction benefits

Gyeongnam Province plans to provide subsidies of up to 33.1 million KRW for the purchase of approximately 1,400 eco-friendly hydrogen fuel cell vehicles, limited to the first 1,425 applicants. (Photo by Gyeongnam Province)

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Choi Hyun-joo] Gyeongnam Province announced on the 22nd that it plans to invest 550.6 billion KRW this year to distribute 1,452 hydrogen fuel cell vehicles within the province to reduce fine dust and improve air quality in connection with the government’s hydrogen economy activation policy.

The current selling price of hydrogen passenger cars is about 70 million KRW, and a subsidy of 33.1 million KRW per vehicle is provided upon purchase. The distribution plan by city and county is 1,100 vehicles in Changwon-si, 104 in Jinju-si, 2 in Tongyeong-si, 100 in Gimhae-si, 40 in Geoje-si, 30 in Yangsan-si, and 50 in Haman-gun.

When purchasing an eco-friendly hydrogen car, buyers can enjoy tax reduction benefits of up to 6.6 million KRW, including up to 4 million KRW in individual consumption tax, up to 1.2 million KRW in education tax, and up to 1.4 million KRW in acquisition tax, and the automobile tax is only 130,000 KRW per year. Additionally, highway tolls can be discounted by 50% until the end of this year, and parking fees at public parking lots can also be discounted by 50%.

The province distributed 539 hydrogen vehicles by 2019 and 213 hydrogen vehicles in 2020, bringing the total number of hydrogen vehicles distributed within the province to 752 as of the end of May. There are currently five hydrogen charging stations in operation: four in Changwon-si (Palyong-dong, Seongju-dong, Jungang-dong, Deok-dong) and one at the Haman rest area in the direction of Busan.

Kim Young-sam, Director of the Industrial Innovation Bureau of Gyeongnam Province, said, “We are promoting various projects to activate the hydrogen industry, and once hydrogen-related infrastructure such as distributed hydrogen production bases and hydrogen liquefaction demonstration plants are established, the hydrogen supply price will be lower than now, reducing the operating cost burden of hydrogen vehicles.”

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