The South Korean government will expand subsides for eco-friendly vehicles as part of its plan to achieve net-zero carbon emissions by 2050.
The Ministry of Economy and Finance announced on Thursday that up to 17-thousand U.S. dollars will be provided to those buying electric cars this year and up to 34-thousand dollars for hydrogen-powered vehicles.
Larger subsidies will be given for vehicles which are more energy efficient.
In terms of electric and hybrid cars, the Kona by Hyundai Motors, and Niro from Kia Motors will be eligible the most financial support.
And in order to increase sales of low-priced models, cars priced at over 90 million Korean won, or 82 thousand U.S. dollars will not be able to receive state support.
The South Korean government also plans to increase the supply of eco-friendly cars.
This includes 121-thousand more electric cars, up 21 percent from last year's plan and 15-thousand hydrogen-powered cars, almost 50 percent more than in 2020.
To achieve this, the country has allocated 930-million U.S. dollars for electric cars, and 330-million dollars for hydrogen cars.
And more than 31-thousand electric car charging stations, and 54 stations for hydrogen cars will be installed across the country.
The government plans to go green on public transport as well and aims to have 1-thousand more electric buses and 180 hydrogen buses on the roads.
Electric taxis will also be getting additional subsidies of 1-thousand 800 U.S. dollars, along with its original support of up to 16-thousand U.S. dollars.
Bae Eun-ji, Arirang News.