Photo: Tesla
South Korea is reportedly planning a change in its legislation regarding electric vehicle subsidies. The move is predicted to benefit brands like BYD and Tesla Motors.
According to reports, South Korea has had subsidies for electric automobiles in place since 2012, but they had an unusual rule that limited cars eligible for this benefit to those that could be charged in less than ten hours with a standard household plug.
The decision favored electric automobiles that had smaller batteries, which could be charged in about eight hours or less using household sockets.
Meanwhile, automakers like Tesla and BYD, for example, were not eligible for those kinds of subsidies because their cars took longer to charge if a regular socket was used. Because of that, the clients of those models were not eligible to receive a benefit of up to $18,330 in subsidies, despite that they had purchased an all-electric automobile.
South Korean authorities are reportedly considering changing the rule to include all electric vehicles, or possibly adding a clause that will benefit the clients of long-range electric models. We are referring to Tesla products and other comparable vehicles as “long-range electrics” because they offered a larger battery in all trim levels than those models that could have received South Korea’s subsidies, and that capacity allowed them to drive extended distances.
According to Green Car Reports, the government’s proposal to change the rule could be submitted by June 2017. Evidently, it could happen sooner, and this will be yet another benefit to the clients of this category of automobile.
It is important to remark that Tesla has registered a significant number of deposits for the Model 3 in South Korea, and that the model would be one of the automobiles that could benefit from the modified law.
The Chinese at BYD delayed their launch on the South Korean market because of this strict rule regarding EV subsidies, which are not restricted by charging times using a standard household plug anywhere else around the world.
The decision favored electric automobiles that had smaller batteries, which could be charged in about eight hours or less using household sockets.
Meanwhile, automakers like Tesla and BYD, for example, were not eligible for those kinds of subsidies because their cars took longer to charge if a regular socket was used. Because of that, the clients of those models were not eligible to receive a benefit of up to $18,330 in subsidies, despite that they had purchased an all-electric automobile.
South Korean authorities are reportedly considering changing the rule to include all electric vehicles, or possibly adding a clause that will benefit the clients of long-range electric models. We are referring to Tesla products and other comparable vehicles as “long-range electrics” because they offered a larger battery in all trim levels than those models that could have received South Korea’s subsidies, and that capacity allowed them to drive extended distances.
According to Green Car Reports, the government’s proposal to change the rule could be submitted by June 2017. Evidently, it could happen sooner, and this will be yet another benefit to the clients of this category of automobile.
It is important to remark that Tesla has registered a significant number of deposits for the Model 3 in South Korea, and that the model would be one of the automobiles that could benefit from the modified law.
The Chinese at BYD delayed their launch on the South Korean market because of this strict rule regarding EV subsidies, which are not restricted by charging times using a standard household plug anywhere else around the world.
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