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[Alpha Biz=(Chicago) Reporter Kim Jisun] Subsidies paid to electric vehicles manufactured and sold in Korea last year showed a sharp decline, while subsidies paid to imported electric vehicles showed a sharp increase.
According to data submitted by the Ministry of Environment to Park Sang-hyuk of the Democratic Party of Korea, a member of the National Assembly's Land, Infrastructure and Transport Committee on the 3rd, subsidies paid to Hyundai Motor last year amounted to 633.348 billion won, down 2% from the previous year.
Hyundai Motor's subsidies have increased every year to 256.3 billion won in 2020, 467.6 billion won in 2021 and 648 billion won in 2022, but subsidies fell slightly last year. The number of vehicles eligible for subsidies also fell 16 percent from the previous year to 59,044 last year, the report showed.
Hunger is in a similar situation. Last year, subsidies paid to Kia amounted to 406.2 billion won, down 11 percent from a year earlier. Kia saw its subsidies increase every year, including 116.6 billion won in 2020, 297.7 billion won in 2021 and 459.3 billion won in 2022, but the amount of subsidies decreased last year.
The number of vehicles eligible for subsidies has also decreased. It was 8,657 units in 2020, 28,585 units in 2021, 49,214 units in 2022 and 45,918 units in 2023. From 2020 to 2022, the number of payments doubled every year, but the amount of payments decreased last year.
Among imported cars, Tesla's subsidies have increased significantly. Subsidies paid to Tesla last year amounted to 68.77 billion won, up 51 percent from a year earlier. Tesla received subsidies of 90.6 billion won in 2020, 107.8 billion won in 2021 and 45.5 billion won in 2022.
In 2020 and 2021, the amount of subsidies received by buyers increased as demand for electric vehicles increased, but in 2022, it slowed down due to domestic cars. Last year, Tesla's purchase rate increased due to the launch of the Model Y rear-wheel drive model.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
