Seoul City to Supply 1,500 Electric Taxis in First Half of Year... Up to 12 Million Won Support

Additional 3 Million KRW Purchase Subsidy for Electric Passenger Cars Compared to Standard Models
Subsidies Provided for 1,100 Individuals and 400 Corporations in the First Half of the Year
1,662 Electric Taxis Distributed Until Last Year, Targeting 3,000 Units This Year

[Asia Economy Reporter Han Jinju] The Seoul Metropolitan Government announced on the 28th that it will provide purchase subsidies for 1,500 eco-friendly electric taxis in the first half of this year.

Considering the increasing purchase demand from taxi operators, Seoul will increase the number of vehicles supplied to 1,500 in the first half of the year, which is 240% of last year's figure. This includes 1,100 individual taxis and 400 corporate taxis.

Since taxis travel longer distances than regular passenger cars, resulting in higher greenhouse gas reduction effects, a maximum subsidy of 12 million KRW, which is 3 million KRW more than that for regular passenger cars, will be provided.

The purchase subsidy is provided differentially according to the vehicle price and performance. Vehicles priced over 85 million KRW are excluded from the subsidy, while vehicles under 55 million KRW receive the maximum subsidy. Vehicles under 55 million KRW receive 100%, and those priced between 55 million and 85 million KRW receive support within 50%.

Buyers pay the difference between the vehicle purchase price and the subsidy to the electric vehicle manufacturer or importer, and the manufacturer or importer receives the subsidy from the Seoul Metropolitan Government.

Electric taxis have not been subject to the individual taxi day-off system since November 2020, allowing them to operate every day of the week, and they have the advantage of lower fuel costs. Seoul plans to secure a budget in the second half of the year to promote the supply of 1,500 electric taxis. Since 2015, a total of 1,662 electric taxis have been supplied.

Applications for participation in the electric taxi supply project and subsidy applications will be accepted online on the Ministry of Environment's Zero-Emission Vehicle website from March 2 to 9. From this year, the application process will change from first-come, first-served to a computerized lottery system.

Baek Ho, Director of Urban Transportation at Seoul City, said, "We will continue to expand the supply of electric taxis and strive to establish an eco-friendly transportation system."