Gyeonpo City has announced on the 10th that it will implement the ‘Electric Vehicle Supply Project’ and ‘Hydrogen Electric Vehicle Supply Project’ to improve air quality and expand the supply of eco-friendly vehicles. The support volume includes 500 electric passenger vehicles, 50 electric trucks, and 20 hydrogen passenger vehicles, with a total project budget of 4.4 billion won. Subsidies for electric vehicles will be provided at varying rates depending on the performance and size of the vehicle, with up to 8.8 million won for electric passenger cars and up to 15.5 million won for electric trucks.
For hydrogen electric vehicles, the supported vehicle is Hyundai’s ‘Nexo’, receiving a fixed subsidy of 32.5 million won. Details about eligible electric vehicles for purchase support and specific subsidy amounts can be found on the Gyeonpo city website or the Ministry of Environment’s zero-emission vehicle portal.
Subsidy eligibility includes citizens aged 18 and over who have resided in Gyeonpo city for more than 30 consecutive days by the application date, as well as corporations, companies, and public institutions located in Gyeonpo city.
The subsidy program for electric vehicles will also see expanded additional support. Young adults aged 19 to 34, buying a car for the first time in their lives, can receive an additional 20% of the national subsidy, even if they are not in the lower income category. Households with two or more children under 18 years can receive additional support of 1 million won for two children, 2 million won for three children, and 3 million won for four or more children. A government subsidy of 200,000 won is also offered when scrapping an old electric car and repurchasing a new one. For electric trucks, farmers can receive an additional 10% of the national subsidy.
The application period runs from February 7 to December 8, but it may end early if the budget is exhausted. Citizens wishing to apply for the subsidy should complete the application form and purchase contract at the manufacturer or dealership, which will then submit the application through the zero-emission vehicle portal.
A Gyeonpo city official stated, “We actively support the purchase of eco-friendly vehicles to improve air quality and practice carbon neutrality,” adding, “The individual subsidy for electric vehicles is decreasing each year, increasing the self-payment ratio, so those interested in purchasing electric vehicles should take note and apply.”