Yeongju City to Provide Up to 12.8 Million KRW Subsidy for Electric Passenger Cars This Year

Electric Cargo Vehicles Subsidy Up to 18 Million KRW

Budget 7 Billion KRW, Support for 486 Units

[Asia Economy Yeongnam Reporting Headquarters Reporter Koo Dae-seon] Yeongju City, Gyeongbuk Province, will provide subsidies to Yeongju citizens who purchase 486 electric vehicles with a budget of 7 billion KRW this year on the 16th.

Electric vehicle charging station in Yeongju city center.

Yeongju City is promoting the ‘2023 Electric Vehicle Distribution Project’ as part of the 2050 carbon neutrality initiative and greenhouse gas reduction efforts to respond to climate change.

The budget for electric vehicle purchase support is 7.036 billion KRW, covering 256 passenger cars and 230 cargo vehicles.

When purchasing an electric passenger car, subsidies range from 3.78 million KRW to 12.8 million KRW depending on the model, and for cargo vehicles, from 10.37 million KRW to 18 million KRW. Electric taxis receive a national subsidy of 2 million KRW, and for low-income groups below the near-poverty line, an additional 10% of the national subsidy is provided when purchasing a vehicle. Small business owners receive an additional 30% of the national subsidy when purchasing electric cargo vehicles.

Eligibility for subsidy application includes citizens aged 18 or older who have had an address in Yeongju City for more than three months, as well as corporations, companies, and public institutions with business locations in the Yeongju area.

However, those who have received subsidy support within the past two years are restricted from applying, and electric vehicle purchasers must comply with a mandatory operation period of two years.

A Yeongju City official stated, “As the number of electric vehicles increases, we plan to continuously expand charging infrastructure,” and added, “We ask for the active interest and participation of citizens to establish a culture of using eco-friendly vehicles.”