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South Korea Boosts EV Subsidies Amid Industry Challenges

11/15/2025

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Summary

Story summary

South Korea's government raised 2026 EV subsidies by 20% to 936 billion won to support the auto industry amid U.S. tariffs and Chinese competition.
The plan includes over 15 trillion won in loans, tax breaks, and incentives for scrapping old vehicles.
The government targets 90% eco-friendly new-car sales by 2035 and 9.52 million zero-emission vehicles.
The move raises concerns about job losses in the auto parts sector.

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Story summary

South Korea's government raised 2026 EV subsidies by 20% to 936 billion won to support the auto industry amid U.S. tariffs and Chinese competition.
The plan includes over 15 trillion won in loans, tax breaks, and incentives for scrapping old vehicles.
The government targets 90% eco-friendly new-car sales by 2035 and 9.52 million zero-emission vehicles.
The move raises concerns about job losses in the auto parts sector.