Up to 10.5 Million KRW... Busan City Confirms Support for Purchasing 10,000 Electric Vehicles This Year

Polestar electric car 'Polestar 2'.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] Busan City is promoting the ‘2022 Electric Vehicle Supply Project’ to reduce high-concentration fine dust and create a pleasant air environment.

The budget for the first half of the year is 100.1 billion KRW, supporting the purchase of 4,885 passenger cars, 1,008 cargo vehicles, and 76 buses.

The project expands the supply of cargo and delivery electric vehicles, which have a significant effect on improving air quality, as well as the transition to electric vehicles in public transportation sectors such as taxis and city buses, and strengthens support for children's school buses.

For passenger cars, up to 10.5 million KRW per vehicle is supported, and for cargo vehicles, up to 19 million KRW per vehicle is provided.

Applicants must be citizens aged 18 or older with a residence in Busan City for at least three months prior to the purchase support application date, as well as corporations, public institutions, and local public enterprises.

For electric passenger cars, purchase subsidies are provided differentially according to the recommended retail price.

Vehicles priced under 55 million KRW receive the full subsidy of up to 10.5 million KRW, vehicles under 85 million KRW receive 50% of the subsidy, and vehicles priced over 85 million KRW are not eligible for subsidies.

At least 10% of the supply is prioritized for vulnerable groups, families with multiple children, first-time vehicle buyers, and those purchasing vehicles that significantly improve fine dust, such as replacing taxis or old diesel vehicles with electric vehicles.

An additional 2.5 million KRW is provided for electric taxis, and for low-income households, an additional 10% of the national subsidy and 2 million KRW from city funds are supported when purchasing electric vehicles.

When purchasing a vehicle, depending on the vehicle price, applicants may lose eligibility for basic pension, disability pension, rental housing, and other benefits, so careful review is required before applying for purchase support.

Subsidy applications are made by the manufacturer and dealer through the ‘Ministry of Environment Low-Emission Vehicle Purchase Subsidy Support System’ after the buyer purchases the electric vehicle.

The city plans to support the purchase of about 4,000 vehicles in the second half of this year, aiming to support a total of about 10,000 electric vehicles, the largest scale ever, throughout the first and second halves of the year.

For more details, check the announcement on the Busan City website under Notices or contact the Busan City Climate and Air Quality Division or the call center.

Lee Geun-hee, Director of the Green Environment Policy Office of Busan City, said, “We will reduce high-concentration fine dust and greenhouse gases and create a pleasant air environment so that Busan can advance as a green smart city.”

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