Up to KRW 8.61 Million for 3,000 Electric Passenger Cars
Additional Support for Multi-Child Families and Young First-Time Buyers
Yongin City in Gyeonggi Province announced on the 7th that it has finalized the subsidy targets for eco-friendly vehicles such as hydrogen cars and electric cars at 3,388 units this year and will start accepting applications from the 20th.
Yongin City will provide subsidies for 3,888 eco-friendly vehicles this year. An electric car charging at the charging facility set up at Yongin City Hall. Photo by Yongin City
For electric vehicles, subsidies will be provided for 3,000 passenger cars and 200 trucks. Among these, the subsidy targets for the first half of the year are 2,000 passenger cars and 140 trucks. Subsidies will be provided differentially depending on the vehicle type within the limits of KRW 8.61 million for passenger cars and KRW 22.86 million for trucks.
A total of 188 units will be supplied, including 186 hydrogen passenger cars and 2 high-floor buses. Hydrogen passenger cars receive a fixed subsidy of KRW 32.5 million per vehicle, and the subsidized model is the Hyundai Nexo. The subsidy for high-floor buses is KRW 350 million per vehicle, and the supported model is the Hyundai Universe.
Additional subsidies are provided for multi-child families and young first-time buyers. Multi-child families with children under 18 purchasing electric passenger cars will receive additional subsidies of ▲ KRW 1 million for two children ▲ KRW 2 million for three children ▲ KRW 3 million for four or more children. Starting this year, young people aged 19 to 34 purchasing an electric passenger car for the first time in their life can receive an additional 20% of the national subsidy amount.
If a commercial taxi is purchased as an electric passenger car, a national subsidy of KRW 2.5 million is provided, and small business owners or low-income earners purchasing electric trucks receive an additional 30% national subsidy. Owners of diesel trucks who scrap their existing vehicles and purchase electric trucks will receive an additional KRW 500,000 subsidy. In particular, those purchasing electric trucks for delivery business must scrap their existing diesel trucks before applying for the subsidy to receive an additional 10% of the national subsidy six months later.
New eco-friendly vehicle buyers also receive benefits such as a KRW 3 million exemption on individual consumption tax and acquisition tax for electric cars, KRW 4 million for hydrogen cars, a 50% discount on public parking fees, and a 40% discount on highway tolls.
Subsidy recipients must be individuals aged 18 or older with continuous residence in the city for at least 90 days before the application date, or corporations, organizations, or public institutions with business sites in the city. They must not have received eco-friendly vehicle subsidies within the past two years.
The city plans to prioritize vulnerable groups, veterans with disabilities, independence activists, multi-child families, first-time vehicle buyers, and those purchasing eco-friendly vehicles after scrapping old diesel vehicles.
Detailed information can be found on the Yongin City website under notices and announcements, or at the City Hall Climate and Air Quality Division and vehicle dealerships.
A city official said, "We will expand the supply of eco-friendly vehicles to lead air quality improvement and carbon neutrality efforts, and increase charging facilities to enhance convenience for hydrogen vehicle users."
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