Incheon City Offers Up to 10.6 Million KRW Support for Electric Passenger Car Purchases

Goal to Supply 11,000 Cargo Trucks and Buses This Year

Electric Vehicle Charging

[Asia Economy Reporter Park Hyesook] Incheon City announced on the 18th that it will provide up to 10.6 million KRW per passenger car to expand the supply of electric vehicles.

The city has secured a budget of 126.3 billion KRW, including 84.3 billion KRW in national funds this year, aiming to supply 11,000 electric vehicles, a 96% increase compared to last year.

By vehicle type, the plan is to supply 9,849 electric passenger cars, 1,095 electric cargo vehicles, and 62 electric buses.

The electric vehicle purchase subsidy is provided differentially based on vehicle performance such as fuel efficiency and driving range, with a maximum subsidy per vehicle of 1.6 million KRW for passenger cars, 20 million KRW for cargo vehicles, and 80 million KRW for buses. However, passenger cars priced above 85 million KRW are not eligible for subsidies.

Additionally, when purchasing an electric taxi, a national subsidy of 2 million KRW is provided, and for low-income households or small business owners purchasing passenger or cargo vehicles, an additional 10% of the national subsidy amount is supported.

When purchasing electric school buses, a national subsidy of 5 million KRW is provided, and for purchasing ultra-small passenger or cargo vehicles for transfer or tourism purposes within designated areas, an additional national subsidy of 500,000 KRW is provided.

Especially from this year, to accommodate those planning to purchase electric vehicles in the second half, the project announcement will be made twice, in the first and second half of the year, and when corporations or institutions purchase electric passenger cars, the city subsidy will be reduced by 50% according to the Ministry of Environment guidelines.

Eligible applicants are citizens aged 18 or older with an address in Incheon at least 30 days before the purchase support application date, and companies or public institutions (excluding central administrative agencies) with business sites located in Incheon as of the day before the application date. Subsidies are provided in order of vehicle delivery registration only for vehicles that can be delivered within two months.

The application method is that the purchaser signs a purchase contract with the vehicle manufacturer or importer and fills out the application form, then the manufacturer or importer applies through the zero-emission vehicle purchase subsidy support system.

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