In addition to the reduction in selling prices, electric vehicle riders will also receive a reduction in bridge and road fees until the end of 2027. The Korean government also ensures that at least 10% of vehicles used at driving test centers are electric by the end of 2025.
South Korea will spend 375.8 billion won (VND6,535 billion) in 2025 to install 4,400 fast charging stations nationwide and develop policies to encourage supermarket and cinema systems to install optimal chargers for customers.
According to the Ministry of Commerce, Industry and Energy (MOTIE), this is a move to boost domestic demand for electric vehicles in the context of declining sales due to concerns about safety and lack of charging stations.
However, a segment of consumers here still expressed concern about the safety of electric vehicles after a major fire caused by the Mercedes EQE in August 2024, which damaged 140 vehicles and destroyed an underground parking lot in Incheon (Korea).
In Korea, the number of electric vehicles and vehicles using hydrogen fuel cells will reach 720,000 units by the end of 2024, of which electric vehicles will account for 680,000 units. However, domestic electric vehicle sales decreased by 9.7% compared to 2023, down to 147,000 units, marking a decline for 2 consecutive years.
