Seoul to Boost EV Subsidies Amid U.S. Tariff Pressures
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BTCCSquare news:
South Korea will increase electric vehicle subsidies by 20% in 2026, raising passenger EV support to $642.25 billion from $535.18 billion. The MOVE counters the impact of U.S. tariffs, which have dented Hyundai Motors' exports—a key revenue source.
Auto parts suppliers will receive expanded policy financing, exceeding the current $10.29 trillion commitment. Manufacturers in Mexico and the U.S. gain access to low-interest loans as Seoul strengthens overseas guarantees.
A 15% tariff reduction agreed during Trump's meeting with South Korean leaders remains unimplemented due to delayed documentation. Foreign Minister Cho Hyun presses U.S. counterparts to expedite the joint fact sheet's release.
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