Incheon City Provides Up to 1 Million KRW Additional Support for Electric Vehicle Purchases by Multi-Child and Low-Income Families
Incheon City announced on the 5th that it will provide additional subsidies from the city budget this year to multi-child families, low-income households, small business owners, and others to increase the supply of electric vehicles.
The maximum purchase subsidy per electric vehicle currently supported (national + city funds) is 8.1 million KRW for electric passenger cars (standard), 15.6 million KRW for electric cargo trucks (1 ton), and 80 million KRW for large electric buses. The city plans to provide an additional subsidy of up to 1 million KRW from city funds on top of this.
When multi-child families purchase electric passenger cars, subsidies of 300,000 KRW for two children under 18, 600,000 KRW for three children, and 1 million KRW for four or more children will be provided. Low-income households and young first-time buyers will receive an additional 20% of the city subsidy amount for the respective electric passenger car.
Also, small business owners, low-income households, and farmers purchasing electric cargo trucks can receive an additional 200,000 KRW from city funds. Additional city subsidies cannot be combined, and applicants must choose one support category.
About 36 billion KRW, including national and city funds, will be invested in this electric vehicle subsidy project, supporting approximately 5,000 vehicles including electric passenger cars, electric cargo trucks, and electric vans.
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An official from Incheon City stated, "Since 2023, due to the domestic economic downturn and high interest rates, demand for electric vehicle purchases has sharply declined. We plan to increase supply through additional subsidy support," adding, "As the number of electric vehicles increases, we expect it to play an important role in advancing Incheon as a city leading carbon neutrality."
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