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The response from potential buyers of electric vehicles is mixed on the government’s policy on the cap on subsidies for electric vehicles announced on the 30th. One side is in a position to stop subsidizing more than 100 million high-priced electric vehicles , but the other side responds that it points to the imported auto industry.
The government announced that it will add 2 million won in subsidy for electric taxis in the future through the policy of ‘future car proliferation and market concern strategy’, and that the passenger sector will introduce a subsidy cap to promote the Price reduction.
The government has not yet presented the applicable amount of the cap. However, analysts say that this policy was aimed at the Tesla Model 3, which ranked first in sales.
If the government sets the maximum subsidy for electric vehicles with a sales price of less than 50 million won, electric vehicles that sell for 40 million won can receive subsidy benefits when purchasing. Consumers who want to purchase electric vehicles worth more than 50 million won cannot receive subsidies for electric vehicles.
Electric Vehicle Subsidy Limit, Sales Targeted Assessment No. 1 ‘Tesla Model 3’
According to Kaizuyu, a national auto analysis agency, the cumulative number of Tesla Model 3s (national sales price 54.79 million won to 74.79 million won) from January to September this year is 9,969 units. Adding in the sales status in October, the number of cumulative sales of the Model 3 this year is expected to exceed 10,000 units.
The accumulated number of Model 3 from January to September of this year is higher than that of Hyundai Kona Electric (7.61 units) and Kia Niro EV (5,623 units). For this reason, there are criticisms that Tesla is eliminating subsidies for electric vehicles in Korea.
The price difference (based on the lowest setting) between the No. 1-selling Tesla Model 3 and the No. 2-selling Hyundai Kona is about 8 million won. Kona’s lowest-priced Trim Modern electric car sells for 46.9 million won (49.03950 won not including tax benefits) based on tax benefits. The premium is 48.9 million won for tax incentives and 51,124,000 950 won for tax incentives.
Why did the Tesla Model 3, which costs more than 8 million won, rise to the top?
The industry believes the Model 3 may have become the only option for consumers wanting a new electric car, as Hyundai-Kia Motors did not introduce a new electric car model to match Tesla this year. In particular, Renault Joe, Peugeot e-208, etc. They do not meet the mileage standard (average 350km or more) that consumers want, so there is a strong tendency to lean towards the Model 3. If Hyundai-Kia Motors were to launch a new e-GMP-based electric vehicle, a new electric vehicle platform this year, the situation could have changed.
As sales of the Tesla Model 3 surged, major national figures caught fire.
Important figures such as Jeong Man-gi, president of the Automobile Industry Association, argue that a subsidy system for electric vehicles should be established, which is more advantageous for Korean companies than for foreign companies like Tesla. The government’s review plan to exclude subsidies for high-priced electric vehicles was also raised at a future auto conference at the K-New Deal Committee of the Korean Democratic Party, held recently at Hyundai Motor Studio Goyang.
In the end, after several proposals were presented, the government announced a policy proposal to limit subsidies to electric vehicles. In general, it is an evaluation that is a policy to save electric vehicles from national companies.
Subsidy Limit for Electric Vehicles Most Likely to Be Affected by Genesis
Some estimate that the cap on subsidies for electric vehicles will not be of much help to Hyundai-Kia Motors, which is trying to strengthen its line of electric vehicles starting next year.
Hyundai Motor Company’s Genesis luxury brand plans to launch not only the JW crossover electric vehicle, but also the G80 electric vehicle starting next year. The SK Innovation battery-equipped G80 electric vehicle is expected to have a driving range of 500 km.
Genesis electric vehicles are likely to be priced at 100 million won, which will be similar to the Tesla Model S. If the government sets the cap on subsidy limits at 100 million won, Genesis electric vehicles are likely to be sold. without the benefits of the subsidy. If this happens, it could be an emergency for Genesis, which needs to reinforce its brand image with electric vehicles. In particular, if the cap on subsidies is set low, JW may also be at risk.
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In the end, the pros and cons of the electric vehicle subsidy ceiling are expected to heat up. The Environment Ministry has yet to set a price cap for subsidies for electric vehicles. The plan is to announce it again if the upper limit is set after November.
An official from the Environment Ministry reiterated only the principled position that “the cap on subsidies for electric vehicles is not targeted at specific companies like Tesla.”