Seoul, South Korea Offers Up To $24,825 In Electric Car Incentives

NOV 21 2014 BY MARK KANE 11

Samsung Motors SM3 Z.E.

Samsung Motors SM3 Z.E.

It’s hard to believe but in Seoul, South Korea incentives to buy an electric car can amount to up to $24,825!

Everything is thanks to the latest partnership between the South Korean city and BMW, GM, Kia, and Renault Samsung.

Under the “2014 Civilian Supply of Electric Cars Program” the city government of Seoul sets aside 20 million won (over $18,400) to offer to residents who buy an EV from participating manufacturers.

Corporate and organizational buyers can get another 7 million won (roughly $6,400) if they install a charging point.

Well, maybe now electric car sales will surge as there are just 1,500 of them registered in Seoul out of 20 million conventional cars. However, prices in South Korea are high. According to CNET, the entry model BMW i3 LUX costs 57.5 million won or $52,933 USD in Korea.

Upcoming Opel BEV To Be Next Generation Spark EV?  We Think So

Spark EV

There is also problem with a strange law that treats electric cars like neighborhood electric Vehicles:

“Adoption of electric vehicles as mode of transport has been relatively slow for Seoul. While lack of charging stations is a concern, the delay is mainly attributable to local laws that prohibit electric vehicles from entering roads with speed limits higher than 60 kilometres per hour.

That makes up nearly 335 kilometres of beltways and highways in a city where traffic congestion is a habitual issue. Government regulators remain adamant about lifting this ban, claiming that safety standards and performance output of electric vehicles are not up to par with high-speed road conditions, making them prone to car accidents.”

Source: CNET

Categories: BMW, Chevrolet, Kia, Renault

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11 Comments on "Seoul, South Korea Offers Up To $24,825 In Electric Car Incentives"

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kdawg
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How much does a Spark EV cost in Korea? Would this basically be a free car?

Spec9
Guest
Spec9

Yeah, with the Spark EV at $27K in the USA, if it is around the same price in South Korea it would almost be a free car. How can the incentive be that big?

Seoul Citizen
Guest
Seoul Citizen

Spark EV price is around $36700 in South Korea. So actually the buyer need to pay $18300(=36700-18400). And also only 182 people who are selected person by lottery can get this incentive.

Phr3d
Guest
Phr3d

now That’s a major ‘makes ya’ go hmmm’ moment, ain’t it? But I’m sure the beneficiaries of this ‘lottery’ are average, upstanding citizens, so nm.

Assaf
Guest

Sounds like one arm of the government engaged in a pissing match against the other arm…. Gee, I thought it happened only here in America?

Anyway, those unnamed “Government regulators” should be fired yesterday for gross ignorance and incompetence. It’s one thing to be an elected official capitalizing on fear, hate and ignorance: an ugly way to game the system, but part of the system nonetheless.

It’s another thing to be a transportation regulator who doesn’t know anything about EVs. No excuse. And no excuse for their bosses if they don’t take action.

kdawg
Guest

“claiming that safety standards and performance output of electric vehicles are not up to par with high-speed road conditions, making them prone to car accidents.”
——
LOL, Do they know that a Model S could smoke most cars on the road and is arguably the ‘safest car in the world’?

QCO
Guest
QCO

How about a Volt… Is it a restricted electric car or an unrestricted Normal car?

The regulators will be walking in circles holding their heads in pain on that one.

Spec9
Guest
Spec9

“the delay is mainly attributable to local laws that prohibit electric vehicles from entering roads with speed limits higher than 60 kilometres per hour”

WTF? Sounds like it is time for some Tesla & Spark EV civil disobedience.

Seoul Citizen
Guest
Seoul Citizen

60km/h limitation law is only apply to LOW Seed EV. But SOUL-EV, i3, Spark EV and Model S are HIGH speed EV. So all high speed EVs are can enter to Highway.

ffbj
Guest
ffbj

EV form participating manufacturers.
from.

ffbj
Guest
ffbj

The four companies which qualify:
BMW and General Motors, as well as local brands Kia and Renault-Samsung, according to CNET.