Tesla Model Y National Subsidy Reduced by 420,000 KRW... Maximum Subsidy Goes to 'EV6'

Subsidies for Electric Vehicles Cut Due to Reduced Budget
Maximum Subsidy Decreased for Most Models This Year
Additional Incentives Offered for First-Time Buyers and Multi-Child Families

If you purchase a Tesla Model Y Rear-Wheel Drive (RWD) this year, you will receive a national subsidy of 1.69 million KRW. This is a 20% (420,000 KRW) decrease from last year's 2.11 million KRW.

Kia's 'The New EV6 Long Range 2WD 19-inch' is the only model this year to receive the maximum national subsidy of 5.8 million KRW. However, this is about an 8% (500,000 KRW) reduction compared to last year's 6.3 million KRW.

Yonhap News

According to the national subsidies for electric vehicle models announced by the Ministry of Environment on the Zero-Emission Vehicle Integrated Website on the 21st, subsidies for electric vehicles sold domestically have decreased compared to last year. This is due to a reduction in the overall budget for electric vehicle subsidies.

Hyundai Motor Company, which received the highest national subsidy last year, will receive slightly less than the maximum amount this year for its Ioniq series. The Ioniq 6, which could receive between 7.27 million and 7.46 million KRW last year, will see a decrease to between 5.26 million and 5.75 million KRW this year.

The New Ioniq 5 will receive support ranging from 4.93 million to 5.77 million KRW this year, down from 6.11 million to 6.5 million KRW last year.

Hyundai's other mid-size electric vehicle model, the Kona Electric, is set at 4.47 million to 5.24 million KRW, and the small car model Casper Electric is set at 5 million KRW.

Kia's EV3 model will receive between 4.79 million and 5.65 million KRW, the EV9 model between 2.57 million and 2.75 million KRW, and the Niro EV will receive 4.99 million KRW.

Tesla Korea's Model Y will receive between 1.69 million and 2.02 million KRW, and the Model 3 will receive between 1.83 million and 2.02 million KRW. Last year, the Model Y received between 2.10 million and 2.35 million KRW, and the Model 3 received between 2.26 million and 2.35 million KRW.

BMW will receive between 1.54 million and 1.89 million KRW, Audi between 1.31 million and 1.32 million KRW, and Volkswagen between 2.15 million and 4.22 million KRW.

These amounts are national subsidies; the actual subsidy amount is calculated by adding local government subsidies and various incentives.

Meanwhile, this year, if a young person purchases an electric vehicle as their first car in their lifetime, they will receive an additional 20% of the national subsidy, and multi-child families will receive up to 3 million KRW as an incentive. Additionally, low-income households below the second-lowest income bracket will receive 20% of the national subsidy, taxi vehicles will receive an additional 2.5 million KRW, and incentives proportional to price discounts will also be added.