More drivers in South Korea who purchase electric cars this year will be able to get subsidies from the government.
The Ministry of Trade and Industry and related ministries jointly announced the plan on Wednesday to provide subsidies to roughly 207-thousand 500 drivers who purchase electric cars in 2022.
In order to speed up the demand for electric cars in the country, the amount of consumers who can receive the subsidy this year is more than twice the 101-thousand who got subsidies last year.
Around 164-thousand 500 people who purchase small to mid-size electric cars will be able to get subsidies, more than double the figure from last year's 75-thousand.
The number of subsidized vans is doubling on-year to 2-thousand and the number of cargo trucks has increased to 41-thousand.
However, the size of the subsidy will be reduced.
Those who buy small to mid-size vehicles can get up to 5,8-hundred U.S. dollars, which is down from 6-thousand 7-hundred dollars last year.
There's a 12-thousand dollar subsidy for small electric trucks, and a 58-thousand dollar subsidy for large electric vans.
The government has also lowered the upper limit of the price of cars that can be subsidized to promote more affordable vehicles.
The upper limit of the price of the cars which drivers can receive the full amount of subsidy has been lowered from roughly 50-thousand dollars last year to around 46-thousand dollars.
Drivers will be able to get half of the subsidy when they purchase cars priced between 46-thousand dollars and 71-thousand dollars.
Cars costing more than 71-thousand dollars will not be subsidized.
The government also plans to minimize the shipment of subsidized cars abroad by extending the mandatory period of possession from two to five years.
Eum Ji-young, Arirang News.