[THE INVESTOR] The Seoul City government announced on July 21 that it will raise the subsidies for electrical vehicle owners by 2 million won (US$ 1,758) to boost sales.

A resident who purchases a new electric vehicle will now receive 18.5 million won in assistance, up from 16.5 million won, the Seoul Metropolitan Government said. 

Corporate buyers will get 14 million won, up from 12 million won, while rental and leasing firms will earn 18.5 million won, a hike from the previous 12 million won.

“Electric vehicles can improve air pollution because they produce no emission. And the development of battery and charging stations can highly contribute to the industry,” a Seoul official said. “We ask the rental and leasing firms to participate as the assistance rate has increased significantly.”

Seven EVs, including Kia’s Ray and Soul, Nissan’s Leaf, Hyundai’s Ioniq and BMW’s i3, among others, are eligible for the government subsidy.

The EV owners can apply for assistance by Nov. 30 to the authorized dealer shops after their purchase.

By Ahn Sung-mi (sahn@heraldcorp.com)