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

The gap in purchase subsidies between the Tesla and Hyundai Motor electric vehicle models receiving the highest 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 the electric vehicle supply subsidy program for this year, 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" models are each eligible for a national subsidy of 5.7 million won. This is just 100,000 won short of the highest possible national subsidy for mid-size electric passenger cars this year.

Last year, the national subsidy for the "The New Ioniq 6 2WD Long Range 18-inch" and similar models was the maximum amount of 5.8 million won.

This year, among Tesla vehicles, the model receiving the highest national subsidy is the "Model 3 Premium Long Range RWD," which is eligible for 4.2 million won. Last year, the highest national subsidy granted to a Tesla 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 and completed its driving range certification last month. It 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 payment ranges 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 will be provided; if it is less, the transition support payment will be proportional to the subsidy amount.

For BYD vehicles from China, which have been strengthening their presence in the domestic market, the national subsidy ranges from 1.09 million to 1.69 million won, and the transition support payment ranges 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 Zero Emission Vehicle Integrated Portal.