Tesla Model 3 National Subsidy 4.2 Million Won... Hyundai Ioniq 6 Gets 5.7 Million Won

The gap in subsidies between the electric vehicles from Tesla and Hyundai Motor that receive the highest purchase subsidies has narrowed significantly this year compared to last year.

According to the Ministry of Climate, Energy and Environment on January 13, under the finalized guidelines for handling subsidies for this year’s electric vehicle supply project, the national subsidies for Hyundai’s mid-size electric passenger cars, excluding incentives and transition support payments, range from 2.5 million to 5.7 million won. For Tesla vehicles, the subsidies range from 1.68 million to 4.2 million won.

The Hyundai "The New Ioniq 6 2WD Long Range 18-inch," "The New Ioniq 6 2WD Long Range 20-inch," "The New Ioniq 6 2WD Long Range N Line 20-inch," "The New Ioniq 6 AWD Long Range 18-inch," and Kia "The New EV6 Long Range 2WD 19-inch" are eligible for a national subsidy of 5.7 million won. This amount is just 100,000 won short of the maximum national subsidy for mid-size electric passenger cars this year.

Last year, the national subsidy for models such as the New Ioniq 6 2WD Long Range 18-inch was 5.8 million won, which was the highest amount available.

This year, the Tesla vehicle receiving the highest national subsidy is the "Model 3 Premium Long Range RWD," which is eligible for 4.2 million won. Last year, the maximum national subsidy for Tesla vehicles was 2.1 million won (for the New Model Y Long Range with a changed battery model).

The Model 3 Premium Long Range RWD is manufactured in China. It completed its driving range certification last month and is expected to be launched in the domestic market soon.

The Hyundai Ioniq 6 is eligible for the maximum transition support payment of 1 million won, and transition support payments for Hyundai’s mid-size electric passenger cars range from 500,000 to 1 million won. For Tesla vehicles, the transition support payments range from 340,000 to 840,000 won.

Previously, the government announced that if the national subsidy for newly purchased electric passenger cars exceeds 5 million won, the maximum transition support payment would be provided, and if it is less than that amount, the payment would be proportional to the subsidy.

For vehicles from BYD, a Chinese automaker that is strengthening its presence in the domestic market, national subsidies range from 1.09 million to 1.69 million won, with transition support payments ranging from 220,000 to 340,000 won.

The total electric vehicle subsidy is calculated by adding the national subsidy, local government subsidy, incentives, and transition support payments.

Subsidy amounts by vehicle model can be checked on the Integrated Zero-Emission Vehicle Portal.