South Korea to provide EV incentives

According to South Korea’s Ministry of Knowledge Economy (MKE) and Ministry of Environment, the government plans to grant purchasers of electric cars up to 20 million won (US$17,598) in subsidy and tax relief in order to boost the sale of electric vehicles (EVs). With a subsidy of between 15 million won (US$13,198) and 20 million won (US$17,598) per unit, consumer prices will go down to 30 million won (US$26,397) at the lowest. MKE also plans to provide non-financial incentives to create an EV market. (November 28, 2010)