Yongin City to Provide Additional Subsidies for 1,627 Electric Passenger Cars

Surging Demand for Electric Vehicles Amid High Oil Prices
Additional Applications Accepted Ahead of Second-Half Schedule

Yongin Special City in Gyeonggi Province announced on May 21 that, due to surging demand for electric vehicles amid rising international oil prices, it will accept additional applications for purchase subsidies for 1,627 electric passenger cars.

Yongin Special City Hall exterior. Provided by Yongin Special City

The subsidy amount varies by vehicle model and is available up to a maximum of 9.28 million won.

Additional subsidies are available depending on the applicant's eligibility.

For households with multiple children, an extra subsidy is provided based on the number of children aged 18 or younger: 1 million won for two children, 2 million won for three children, and 3 million won for four or more children.

Youths (aged 19 to 34) purchasing their first-ever car as an electric passenger vehicle can receive an additional subsidy equal to 20% of the national subsidy amount.

If a taxi is replaced with an electric passenger car, an extra subsidy of 2.5 million won is provided.

Starting this year, an additional "transition subsidy" is available for those switching from internal combustion engine vehicles to electric vehicles.

If you sell or scrap an internal combustion engine vehicle (excluding hybrids) that you have owned for at least three years and then purchase an electric passenger car, you can receive an additional subsidy of up to 1.3 million won depending on the vehicle model.

All buyers of eco-friendly vehicles, including electric passenger cars, trucks, and personal vans, are eligible for up to 3 million won in individual consumption tax reduction and acquisition tax exemption benefits.

Additional benefits include discounts on public parking lot fees and a 30% discount on expressway tolls.

Eligible applicants are individuals aged 18 or older who have had their address registered in Yongin for at least 90 days prior to the application date, as well as corporations, organizations, and public institutions with business locations in the area.

Applicants must not have received an eco-friendly vehicle subsidy within the past two years.

A Yongin city official stated, "Earlier this year, so many people applied for the electric vehicle subsidy that we provided support for an additional 1,000 vehicles from the second-half budget in advance, but even that was exhausted within a week. Therefore, we are providing the remaining allocation originally scheduled for July as an additional round. We hope that citizens who plan to purchase electric vehicles will apply within the period to take advantage of the benefits."

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