Necessary step for both environmental and industrial purposes
The Seoul city government has decided to offer subsidies to 27,000 electric vehicle (EV) buyers this year in a bid to get more eco-friendly cars on the streets of Seoul. During the first half of the year, subsidies will be given out to about 14,000 vehicles.
The municipality has subsidized 52,400 electric vehicles from 2009 until last year in order to help reduce fine dust and greenhouse gas emissions. This year's planned figure for EV subsidies exceeds half of the cumulative number to date. The number of subsidized cars in Seoul will reach nearly 80,000 by the end of this year.
Seoul City has set a target for EVs to make up 10 percent of cars in the capital city by increasing their number to 400,000 over the next five years. The city administration also plans to replace 50 percent of intra-city buses and 20 percent of taxies with EVs. At present, a maximum subsidy of 9 million won ($7,517) is offered to those who buy electric passenger cars.
Subsidies for more EVs will have the effect of making Seoul a clean city by distributing more eco-friendly cars for use. In Seoul, the transport sector is responsible for 37 percent of ultrafine dust emissions and 19 percent of greenhouse gas emissions. So, it is imperative to ramp up pollution-free EV distribution.
EVs are also emerging as a key industry with great prospects as global automakers such as General Motors and Hyundai Motor are competing fiercely to dominate the market in advance. Seoul's expansion of subsidies deserves credit for stimulating demand for one of Korea's next-generation industries as well as contributing to enhancing air quality.
There is no doubt that expanding subsidies will remain the most powerful policy tool that can keep Korea's electric car industry competitive at home and abroad. Yet there must be more efforts to make EVs more popular. For example, it is necessary to establish more charging stations across the country and give greater toll or parking incentives to buyers.
The Seoul city government has decided to offer subsidies to 27,000 electric vehicle (EV) buyers this year in a bid to get more eco-friendly cars on the streets of Seoul. During the first half of the year, subsidies will be given out to about 14,000 vehicles.
The municipality has subsidized 52,400 electric vehicles from 2009 until last year in order to help reduce fine dust and greenhouse gas emissions. This year's planned figure for EV subsidies exceeds half of the cumulative number to date. The number of subsidized cars in Seoul will reach nearly 80,000 by the end of this year.
Seoul City has set a target for EVs to make up 10 percent of cars in the capital city by increasing their number to 400,000 over the next five years. The city administration also plans to replace 50 percent of intra-city buses and 20 percent of taxies with EVs. At present, a maximum subsidy of 9 million won ($7,517) is offered to those who buy electric passenger cars.
Subsidies for more EVs will have the effect of making Seoul a clean city by distributing more eco-friendly cars for use. In Seoul, the transport sector is responsible for 37 percent of ultrafine dust emissions and 19 percent of greenhouse gas emissions. So, it is imperative to ramp up pollution-free EV distribution.
EVs are also emerging as a key industry with great prospects as global automakers such as General Motors and Hyundai Motor are competing fiercely to dominate the market in advance. Seoul's expansion of subsidies deserves credit for stimulating demand for one of Korea's next-generation industries as well as contributing to enhancing air quality.
There is no doubt that expanding subsidies will remain the most powerful policy tool that can keep Korea's electric car industry competitive at home and abroad. Yet there must be more efforts to make EVs more popular. For example, it is necessary to establish more charging stations across the country and give greater toll or parking incentives to buyers.
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