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South Korea Plans 20% Hike in EV Subsidies Amid Ongoing Tariff Disputes

South Korea Plans 20% Hike in EV Subsidies Amid Ongoing Tariff Disputes

Author:

Global Cryptocurrency

Published:

2025-11-14 18:08:02

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BTCCSquare news:

South Korea will increase electric vehicle subsidies by 20% in 2026, raising passenger EV support from $535.18 billion to $642.25 billion. The MOVE aims to bolster domestic demand and counterbalance U.S. tariff pressures on Hyundai Motors, which derives 40% of revenue from the American market.

Financial assistance will extend beyond automakers to parts suppliers, particularly those operating in Mexico and the U.S. Policy finance commitments exceed current $10.29 trillion (15 trillion Won) levels, reflecting Seoul's strategic response to trade tensions.

The government continues pushing for release of a joint U.S.-Korea fact sheet outlining agreed tariff reductions, signaling ongoing diplomatic efforts to resolve the dispute.

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