Received 11.11 million won in subsidies for the pardon of’Tesla 3’in Busan..Hyundai Motor Kona 13 million won

On the 13th,'Tesla Model Y', the second electric SUV model, was first unveiled at the Tesla Gallery on the 1st floor of Lotte Department Store's Yeongdeungpo branch in Seoul. [사진 출처 = 연합뉴스]

Subsidies for electric vehicle purchases in Busan more than doubled from last year.

According to the city of Busan on the 22nd, it is planning to provide subsidies for the purchase of 3,500 electric vehicles (2303 passenger cars, 1,000 freight cars, 197 buses) by securing KRW 85.8 billion in project costs according to the ‘2021 Electric Vehicle and Electric Motorcycle Purchase Subsidy Support Project’. Last year, 1017 passenger cars and 771 freight cars were supported. The city of Busan starts accepting applications for subsidy payments on the 22nd and accepts applications until the budget is exhausted.

Electric vehicle subsidies are supported up to 13 million won, plus 8 million won in national subsidies and 5 million won in local subsidies. Differential support is provided for each electric vehicle in consideration of weighted fuel economy and weighted distance. If the price of the vehicle is less than 60 million won, there is no subsidy for 100%, for 60 to 90 million won, 50% for subsidy, and for 90 million won or more, there is no subsidy.

According to the plan to reorganize the subsidy system for 2021, announced by the Ministry of Strategy and Finance, the Ministry of Environment and the Ministry of Trade, Industry and Energy, purchasing an electric car this year will receive up to 19 million won from the government and local governments, and up to 37.5 million won for hydrogen cars. [사진 출처 = 연합뉴스]

Purchasers of Hyundai Motor Company’s Kona (basic, modern) or Niro (HP, Prestige) can receive 13 million won for both government and local subsidies. Ioniq (HP) is 11.91 million won, Soul (basic prestige) is 11.5 million won, Renault Samsung ZEN is 12.22 million won, BMW i3 (Lux) is 10.93 million won, GM Korea’s Volt EV (LT) is 12.5 million won, The Tesla Model 3 Standard Range Plus receives a subsidy of 11.1 million won. Renault Samsung’s Twizzy, a miniature electric vehicle, is awarded a subsidy of 7 million won.

Subsidies are not provided for Tesla’s Model S, Jaguar I-PACE EV400, Mercedes Korea’s EQC 400, and Audi’s Ytron 55, which cost more than 90 million won. The subsidy for the Tesla Model 3 Long Range or Model Y Standard Range, which lowered the vehicle price to 59.9 million won, which is 60 million won or less immediately after the Ministry of Land, Infrastructure and Transport announced the regulation on subsidy payment for electric vehicles, has not been decided yet. Buyers of Hyundai Ioniq 5, which will be released next month, are also expected to receive subsidies.

Priority distribution of electric vehicles (230 passenger cars) can be applied by the upper-class or lower class, people of different/independent merit, people with disabilities, multi-child households, small business owners, and first-time vehicle buyers. For general distribution, citizens over the age of 18 who lived in Busan 90 days before the application date for electric vehicle purchase support can apply. When purchasing an electric vehicle, the relevant documents are submitted to the manufacturing and sales company, and the city of Busan reviews the received documents and decides whether to pay subsidies.

Last month, Hyundai Motor Company unveiled an external teaser image of'Ionic 5 (IONIQ 5, Ionic Five)', the first model of the exclusive electric vehicle brand Ioniq. [사진 출처 = 연합뉴스]

Purchase subsidies are also provided for electric motorcycles. Busan City plans to support 1,000 electric motorcycles this year with a project cost of 1.8 billion won. The support fund is up to 3.3 million won per unit. An additional 200,000 won will be paid if an electric motorcycle is purchased after removing the internal combustion engine motorcycle. However, the number of purchase support units is 1 for individuals, 2 for individual businesses, and 5 for corporations and organizations.

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