Science & Tech · Gadgets & EVs · 4 hrs ago
Busan EV subsidy applications fill within 10 minutes
Busan, South Korea, received nearly 2,000 applications for subsidies covering about 1,300 electric passenger cars in a new funding round.
The city closed applications after just 10 minutes because demand exceeded the available support.
Applications for subsidies covering about 220 electric cargo vehicles also topped 600 and closed early.
The city links rising demand to high fuel prices amid the prolonged war in the Middle East.
Busan added funding twice this year, bringing its total EV subsidy budget to 890 billion won and the expected number of supported vehicles to about 10,000.
Next year, the city plans to support about 12,000 vehicles, starting with a 910 billion won budget and considering further increases if demand requires.
Busan has also asked the national government to reduce the city’s share of subsidy costs from 30% to 20%.
Busan closed applications for electric passenger-car subsidies 10 minutes after they opened on Oct. 14, after receiving nearly 2,000 applications for about 1,300 vehicles.
The city said rising demand, which it linked to high oil prices amid the prolonged Middle East war, quickly exhausted available funds.
Applications for subsidies for about 220 electric commercial vehicles had also closed early on Oct. 7 after more than 600 applications arrived.
Busan estimates that about 10,000 electric vehicles will qualify for subsidies this year.
The city plans to increase support to about 12,000 vehicles next year.
- Who
- Busan City and people applying for electric-vehicle subsidies.
- What
- The city closed passenger-car subsidy applications 10 minutes after they opened, after receiving nearly 2,000 applications for about 1,300 vehicles.
- When
- Oct. 14. Applications for electric commercial-vehicle subsidies closed early on Oct. 7.
- Where
- Busan, South Korea.
- Why
- The city attributed a surge in electric-vehicle demand to high oil prices linked to the prolonged Middle East war.
This story does not have two clearly opposing sides.
Busan secured an additional 5.5 billion won for electric-vehicle subsidies through a supplementary budget.
Applications for subsidies for about 220 electric commercial vehicles closed early after more than 600 applications arrived.
Applications for subsidies for about 1,300 electric passenger cars closed 10 minutes after opening, with nearly 2,000 applications received.
- Passenger-car applications
- Nearly 2,000 for about 1,300 vehicles
- Application period
- Closed 10 minutes after opening on Oct. 14
- Commercial-vehicle applications
- More than 600 for about 220 vehicles
- This year's expected subsidy recipients
- About 10,000 electric vehicles
- Planned support next year
- About 12,000 vehicles
1 source
What people are saying
It seems that demand for electric vehicles has surged because of high oil prices caused by the prolonged Middle East war
Next year, we plan to increase the scale of support to about 12,000 vehicles