Seoul City seeks to subsidize 80,000 electric cars by 2022

Seoul City said Thursday it would provide subsidies for eco-friendly vehicles this year as it aims to support the purchase of 80,000 electric cars by 2022.

The city government said it will spend 17.9 billion won ($16.2 million) to help procure and supply 1,690 electric cars and 50 hydrogen cars.

The city began receiving applications from individuals, businesses, corporations, organizations and public institutions that wish to purchase electric cars.

Seoul residents aged 18 or above, businesses, organizations and corporations funded by the state or local governments can buy the eco-friendly vehicles from carmakers with subsidies from the Seoul City.

The city’s subsidies for electric cars vary from 7.5 million won to 17 million won, depending on the vehicle’s performance and how it can help reduce emission.

Those purchasing hydrogen-powered cars can get 35 million won in subsidies from the city.

In addition to the subsidized purchase, buyers can get tax cuts of up to 5.9 million won for electric cars and up to 7.2 million won for hydrogen vehicles, a 50 percent discount on parking in public lots, 100 percent exemption from congestion fees when passing through Namsan tunnels, and up to 50 percent discounts on battery charging.

As of September, Seoul City has helped purchase 9,112 electric vehicles (7,966 passenger vehicles, 39 buses and trucks, 60 taxis and 1,047 motor cycles), and the number will reach 10,000 by the end of this year. Also in use are 32 hydrogen-powered cars subsidized by the city.

“We will soon have 10,000 eco-friendly vehicles in Seoul,” said Hwang Bo-yeon, head of the city’s climate and environment division.

“The city will continue to work to install more EV charging stations and make it more convenient for EV users, with a target to supply 80,000 EVs by 2022.”

By Kim So-hyun (sophie@heraldcorp.com)