Incheon City Supports Purchase of 2,127 Hydrogen Electric Vehicles This Year... 373% Increase Compared to Previous Year

by Park Haesook

Published 27 Jan.2023 10:15(KST)

[Asia Economy Reporter Park Hyesook] Incheon City announced on the 27th that it will provide purchase subsidies for 2,127 hydrogen electric vehicles this year.

This is the largest scale ever, with a total budget of 107.1 billion KRW, a 373% increase compared to the previous year.

The city announced the first round of subsidy support this month for 500 passenger cars, 119 buses, and 3 trucks, and plans to adjust the number of vehicles by type and issue additional announcements according to demand.

Subsidies can be received by citizens, business owners, corporations, and organizations aged 18 or older with an address in Incheon City, when purchasing new vehicles, starting from 30 days before the purchase application date.

The subsidy amount per vehicle, combining national and city funds, is 32.5 million KRW for passenger cars, 300 to 350 million KRW for buses, and 450 million KRW for trucks.

Additionally, eight more hydrogen charging stations will be completed this year, increasing the total to 14 stations.

As of the end of last year, 1,650 hydrogen electric vehicles were registered in Incheon City, and demand has been steadily increasing every year.

Incheon City began promoting hydrogen electric vehicles in 2019. This year, thanks to infrastructure expansion such as liquefied hydrogen production and charging station construction, it is expected to enter a full-scale phase of hydrogen electric vehicle distribution expansion.

A city official stated, "In line with infrastructure expansion, we plan to expand the hydrogen electric vehicle transition from mainly passenger cars to city buses and trucks," adding, "We will rapidly establish a hydrogen public transportation system in Incheon and lead South Korea's hydrogen economy."