Mixed Fortunes in South Korea's Ministry of Environment Budget for Electric and Hydrogen Cars
Key Ideas
- The Ministry of Environment budget for electric vehicles has decreased, with a reduction in subsidies per vehicle, while the budget for hydrogen cars has increased significantly.
- Hydrogen cars will see increased support with a higher subsidy budget, aiming to supply 11,000 vehicles next year, partly due to Hyundai Motor's new release.
- The government faces challenges with the increasing insolvency of pollution-free vehicles, emphasizing the need for additional measures and budget efficiency.
- Representative Cho highlights the importance of continuous government efforts and support to expand the supply of pollution-free cars while managing budget constraints effectively.
In South Korea, the Ministry of Environment's budget for the upcoming year revealed a mix of fortunes for electric and hydrogen cars. While the budget for electric vehicles saw a decrease, with reduced subsidies per vehicle and a shift towards differential subsidies based on vehicle functions, the budget for hydrogen cars experienced a significant increase. The government allocated 1.5218 trillion won for electric vehicles, aiming to provide subsidies to 260,000 units, with a reduced subsidy amount per vehicle. On the other hand, the subsidy budget for hydrogen cars increased to 721.8 billion won, supporting the supply of 11,000 vehicles next year.
Hydrogen vehicles are expected to receive a boost, partially due to Hyundai Motor's plans to release the 'Nexo 2nd Generation.' Despite challenges with increasing insolvency of pollution-free vehicles, the government aims to address the issue and enhance budget efficiency. Representative Cho emphasized the importance of continuous government efforts and support in expanding the supply of pollution-free cars while managing budget constraints effectively.
Topics
Public Transit
Electric Vehicles
Subsidies
Hyundai Motor
Government Budget
Ministry Of Environment
Pollution-free Vehicles
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