South Korea plans to cut EV subsidies in 2023 to fund charging infrastructure development.
South Korea's government is considering cutting electric vehicle (EV) subsidies in 2023 to allocate funds towards enhancing charging infrastructure. The finance and environment ministries have discussed reducing EV subsidies based on state budget guidelines for 2025, with the finance ministry emphasizing the need to improve the efficiency of EV subsidies and strengthen charging infrastructure development. The budget for promoting zero-emission vehicles has been reduced from 2.56 trillion won in 2023 to 2.31 trillion won in 2022.
March 31, 2024
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