There are still electric vehicle subsidies available. It seems challenging to achieve the electric vehicle distribution targets. This is the first time ever.
This year, the early exhaustion of electric vehicle subsidies, which occurred annually due to overwhelming demand, is much less of an issue in most regions.
The average electric vehicle distribution target for seven major cities, including Seoul, Incheon, Daejeon, Daegu, Gwangju, Busan, and Ulsan, is 4,252 units, with an average of 1,470 units (46.25%) having been sold. The remaining average distribution target for these cities is 2,782 units (53.75%), showing a stark contrast to previous years.
In a curious turn from previous years of early subsidy exhaustion, as of the 17th of this month, Seoul has 6,370 units remaining of its target of 9,468 units, translating to a 67% balance.
Daejeon reports an electric vehicle target of 5,478 units, with only 892 vehicles sold under the subsidy, reflecting a mere 16% sales ratio — the lowest among the seven cities. Ulsan, however, boasts the highest sales figure of 634 units (81.28%) against its target of 780, making it the only city likely to meet its target.
Jeju Island, with a distribution target of 3,200 units, has only seen 1,467 electric vehicles sold, leaving a total of 1,733 units (54.16%) unfulfilled.
The surplus of subsidies resulting from the failure to meet electric vehicle targets in most urban areas will likely have a significant impact on each local government’s electric vehicle distribution ambitions for next year.
Lee Sang-jin daedusj@autodiary.kr