[Photo from Ajou Economic DB]
Starting next month, domestic subsidies for purchases of electric vehicles from China's largest manufacturer, BYD, will be halted. This decision comes after BYD failed to meet the scoring criteria in evaluations related to its contribution to the domestic supply chain. In contrast, Tesla from the United States has met the necessary scores and will continue to receive subsidies.
The Ministry of Climate, Energy, and Environment announced on June 30 that 35 companies participated in this year's inaugural evaluation for the selection of electric vehicle subsidy program operators, with 27 companies being selected. Those chosen will begin receiving subsidies starting July 1.
The companies approved for subsidies in the passenger vehicle category include Kia, Renault Korea, Mercedes-Benz Korea, Volvo Cars Korea, BMW Korea, KG Mobility, Tesla Korea, Volkswagen Group Korea, Polestar Automotive Korea, and Hyundai Motor Company, totaling ten firms.
In the cargo vehicle category, nine companies were selected: Kia, DP Co., Route 17, Otech, EV & Solution, KG Mobility, Tata Daewoo Mobility, Korea Three-Axle, and Hyundai Motor Company. Eight companies were chosen in the bus category, including Beomhan Automotive, I-Bus, MRT, Woojin Sanjeon, EM Korea, KG Mobility Commercial, P-Line Motors, and Hyundai Motor Company.
Notably, while BYD is ramping up its efforts in the domestic market, Tesla has secured a spot among the subsidy recipients.
The government evaluated electric vehicle manufacturers and importers based on five criteria: technological development capabilities, contributions to the supply chain, responses to environmental policies, sustainability of after-sales service, and safety management. Only companies with a final score of 60 or higher are eligible for electric vehicle subsidies, aimed at ensuring that only those contributing to the domestic electric vehicle ecosystem receive purchase benefits.
This new system will take effect next month. However, companies that were previously included in the subsidy program but did not pass this evaluation can still receive subsidies for applications submitted by the deadline.
A ministry official stated, "To ensure that the electric vehicle subsidies funded by national finances contribute to the sustainable ecosystem of the domestic electric vehicle industry and the safe usage environment for citizens, we plan to continue improving related systems in the future."
The Ministry of Climate, Energy, and Environment announced on June 30 that 35 companies participated in this year's inaugural evaluation for the selection of electric vehicle subsidy program operators, with 27 companies being selected. Those chosen will begin receiving subsidies starting July 1.
The companies approved for subsidies in the passenger vehicle category include Kia, Renault Korea, Mercedes-Benz Korea, Volvo Cars Korea, BMW Korea, KG Mobility, Tesla Korea, Volkswagen Group Korea, Polestar Automotive Korea, and Hyundai Motor Company, totaling ten firms.
In the cargo vehicle category, nine companies were selected: Kia, DP Co., Route 17, Otech, EV & Solution, KG Mobility, Tata Daewoo Mobility, Korea Three-Axle, and Hyundai Motor Company. Eight companies were chosen in the bus category, including Beomhan Automotive, I-Bus, MRT, Woojin Sanjeon, EM Korea, KG Mobility Commercial, P-Line Motors, and Hyundai Motor Company.
Notably, while BYD is ramping up its efforts in the domestic market, Tesla has secured a spot among the subsidy recipients.
The government evaluated electric vehicle manufacturers and importers based on five criteria: technological development capabilities, contributions to the supply chain, responses to environmental policies, sustainability of after-sales service, and safety management. Only companies with a final score of 60 or higher are eligible for electric vehicle subsidies, aimed at ensuring that only those contributing to the domestic electric vehicle ecosystem receive purchase benefits.
This new system will take effect next month. However, companies that were previously included in the subsidy program but did not pass this evaluation can still receive subsidies for applications submitted by the deadline.
A ministry official stated, "To ensure that the electric vehicle subsidies funded by national finances contribute to the sustainable ecosystem of the domestic electric vehicle industry and the safe usage environment for citizens, we plan to continue improving related systems in the future."
* This article has been translated by AI.
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