January EV subsidy gap sparks maker-led discount battle
Creatrip Team
2 months ago
At the start of the year, national and local government electric vehicle (EV) purchase subsidies in South Korea remain undecided, creating a typical January slowdown. To counter muted demand, some automakers are offering their own support programs similar to last year’s government subsidies. BYD Korea is providing manufacturer discounts comparable to the prior state subsidy—for example, offering KRW 1.79 million on the Sea Lion 7—while Renault Korea is promoting up to KRW 15 million off the all-electric Scenic (세닉). Hyundai and Kia are holding back: Hyundai offers a modest KRW 1 million discount for contracts in January with deliveries by March, and Kia has no maker subsidy until government amounts are confirmed. Industry observers expect the February subsidy announcement to shape the market, with January sales likely decided by which makers run aggressive self-funded incentives.
