Mandatory Electric Vehicle Charging Facilities in Newly Built Apartments... 2% of Total Parking Spaces

Approval of Amendment to the Enforcement Decree of the Green Vehicle Act... Large Corporations and Rental Car Operators to Purchase 22% Green Vehicles This Year

[Sejong=Asia Economy Reporter Kwon Haeyoung] From the 28th, new apartments must mandatorily install electric vehicle charging facilities for 5% of the total parking spaces, and existing apartments for 2%. Large corporations and rental business operators must purchase 22% of their vehicles this year as eco-friendly cars.

The Ministry of Trade, Industry and Energy announced on the 18th that the amendment to the Enforcement Decree of the "Act on the Development and Promotion of Environmentally Friendly Automobiles (Eco-friendly Automobile Act)" containing these details was approved at the Cabinet meeting.

Accordingly, the mandatory installation of electric vehicle charging facilities in apartments has been strengthened from those with 500 or more households to those with 100 or more households, and for public facilities and public parking lots, from those with 100 or more parking spaces to those with 50 or more. The mandatory installation ratio of electric vehicle charging facilities in new buildings has also increased from the previous 0.5% to 5%. However, for existing facilities, a grace period of up to four years after the law’s enforcement will be provided.

The "Eco-friendly Vehicle Purchase Target System," which requires private vehicle consumers to purchase or lease a certain percentage of eco-friendly vehicles when acquiring new cars, will also be implemented. The eco-friendly vehicle purchase ratio for companies belonging to publicly announced business groups and automobile rental operators owning 30,000 or more vehicles is 22% of total vehicle purchases (13% electric and hydrogen vehicles, 9% hybrids). General taxi transport operators owning 200 or more vehicles must purchase electric or hydrogen taxis at a mandatory rate of 7%, and city bus transport operators owning 200 or more vehicles must fill 6% of their total bus purchases with electric or hydrogen buses. Freight transport operators must meet a 20% ratio for electric or hydrogen freight vehicles (1 ton).

Additionally, the government will support part of the interest costs when parts companies receive loans for investment in facilities to transition to future vehicles to promote the conversion of parts companies to eco-friendly vehicles. The budget allocation is 2.49 billion KRW.

Along with this, the limit on rent reductions for building hydrogen charging stations on national and public land has been expanded from 50% to 80%, and at least one hydrogen charging station must be established in innovation cities or adjacent areas within 5 km.