Daily Busan
Busan expands EV subsidy program with added support for families with newborns
Busan Metropolitan City is offering subsidies for individuals purchasing electric vehicles, with a groundbreaking addition this year—extra financial support for families with newborns. Busan is the first city in the nation to implement such a program, aiming to ease the financial burden for families considering an EV purchase.
The EV subsidy program will be conducted twice in 2025. The first round will cover 5,122 vehicles across four categories: Passenger cars (3,770), trucks (1,200), buses (140) and children’s shuttle buses (12). Subsidy amounts vary by vehicle type, with passenger cars eligible for up to 8.1 million won, trucks up to 13.8 million won and children’s shuttle buses receiving up to 120 million won. The final subsidy amount is determined based on the vehicle’s recommended retail price.
As part of the new “Loving Kids, Loving Busan” (“아이조아 부산조아”) initiative, the city will provide additional financial support for families with babies born after January 2024. Parents purchasing an EV can receive 1 million won for their first child and 1.5 million won for their second or subsequent children.
To apply for the EV subsidy, contact the car dealership from which you purchased your vehicle and submit your application through them.
<Today's Vocabulary - 오늘의 단어>
subsidy: 보조금 groundbreaking: 획기적인 newborn: 신생아 implement: 시행하다 vary: 달라지다 subsequent: 그 다음의
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