The 2024 electric vehicle subsidies have been released. The Ioniq series received the largest subsidy amount of up to 6.9 million won, and the Polestar 2 model recorded the smallest amount of 1.63 million won.

The Ministry of Environment finalized the '2024 Electric Vehicle Distribution Project Subsidy Processing Guidelines (hereinafter referred to as the Subsidy Guidelines)' and disclosed the amount of national subsidies for each electric vehicle type calculated according to the subsidy guidelines from February 20.

The amount also reflects additional incentives proportional to the vehicle price discount.

■ Hyundai Motor Company

The Ioniq series, which represents Hyundai, costs a minimum of 6.06 million won (Ioniq 5 AWD Standard 19-inch) and a maximum of 6.9 million won (Ioniq 6 Long Range 2WD 18-inch, etc.). (Ioniq 5 N is 2.8 million won)

▲2024 Electric Vehicle Subsidy (Image Source: Integrated Zero-Emission Vehicle Website)

For the GV60 series, a minimum of 2.85 million won (GV60 Performance AWD 21-inch) and a maximum of 3.25 million won (GV60 Standard 2WD 19-inch) are paid, while the GV70 AWD 20-inch receives 2.85 million won and the 19-inch receives 3.1 million won.

The Kona Electric has been priced at a minimum of 5.75 million won (2WD standard 17-inch) and a maximum of 6.33 million won (2WD long range 17-inch).

■ Kia

Kia's prized EV6 model starts at a minimum of 6.49 million won (standard 4WD 19-inch) and a maximum of 6.84 million won (long-range 4WD 19-inch, etc.). (EV6 GT is 2.67 million won)

▲2024 Electric Vehicle Subsidy (Image Source: Integrated Zero-Emission Vehicle Website)

The Niro Plus is priced at 5.92 million won, and the all-new Kia Niro EV is priced at 5.96 million won.

The EV9, which is larger and more expensive than other vehicles, receives relatively small subsidies.

The EV9 will receive a subsidy of at least 2.87 million won (4WD 19-inch) and up to 3.01 million won (2WD 19-inch).

The Ray EV was priced at 4.52 million won for both passenger and van models.

■ KG Mobility

KG Mobility's hope, the Torres EVX, is priced at 4.43 million won for the 2WD 20-inch model and 4.57 million won for the 18-inch model.

■ Overseas companies

Among the subsidy payment models announced by the Ministry of Environment, the model receiving the smallest subsidy is Polestar's Polestar 2 Long Range Dual Moto (MY23), which receives 1.63 million won. A vehicle of the same model or single motor receives 4.09 million won.

Mercedes-Benz's EQB300 4MATIC 5-seater and 7-seater models will both be priced at 2.17 million won, while Volvo's XC40 Recharge Twin will be priced at 1.92 million won and the C40 Recharge Twin will be priced at 2.01 million won.

Among foreign electric vehicles, the vehicle that receives the highest subsidy is Volkswagen's ID.4 Pro model, which receives 4.92 million won.

Tesla's Model Y RWD vehicle has been given a subsidy of 1.95 million won, BMW's iX1 xDrive30 has been set at 1.84 million won, and the i4 eDrive40 model has been set at 2.12 million won.

■ Ultra-compact electric vehicle

Both the ultra-compact electric vehicle Myve's Myve M1 and the CEVO-C SE and CEVO-C SE VAN models from Cevo Mobility will receive a subsidy of 2.5 million won.
 

The Ministry of Environment, while announcing the subsidy guidelines (draft) on February 6, emphasized performance and eco-friendliness in the direction of this subsidy reform.

Regarding performance, the Ministry of Environment provides more subsidies (safety) to vehicles with long driving ranges and fast charging speeds, and also provides benefits to vehicles that are easy to check for safety due to the vehicle information collection device installed.

In addition, by inducing innovation in battery technology, we will provide more subsidies to vehicles equipped with batteries that have a lighter load and higher recycling value compared to their environmental performance, thereby reducing the environmental burden.

The plan is to strengthen subsidy differentiation based on battery energy density and battery recycling value, and also improve resource circulation.

In addition, we will induce manufacturers to make efforts to improve electric vehicle after-sales management and charging conditions. We will strengthen the differentiation of subsidies according to the after-sales management capabilities of electric vehicle manufacturers and expand benefits (incentives) for expanding charging infrastructure to encourage continued efforts to improve the convenience of electric vehicle use at the private level.

We plan to lower the actual purchase price of electric vehicles by alleviating barriers to entry for economically vulnerable groups, youth, and small business owners, while providing additional subsidies to these groups, strengthening the criteria for full support, and providing incentives proportional to the discount rate.

The Ministry of Environment collected opinions from manufacturers and importers during the administrative notice period and collected and reflected supporting documents necessary for calculating subsidies for each vehicle type.

The confirmed subsidy guidelines and the amount of national subsidy support for each electric vehicle type will be posted on the integrated zero-emission vehicle website.

Jeong Seon-hwa, the Ministry of Environment’s Air Quality Policy Director, said, “Now that the subsidy guidelines have been finalized, it is necessary to activate the spread of electric vehicles through swift budget execution,” and “We will push forward with the execution of electric vehicle subsidies without a hitch, including by encouraging timely allocation of local government funds and swift progress of the announcement process.”

Meanwhile, confirmed subsidy guidelines and the amount of national subsidy support for each electric vehicle type can be found on the integrated zero-emission vehicle website .