Korean gov requires Hyundai and Kia to up EV sales, penalty if target not achieved

Arif · Mar 15, 2021 11:35 AM

Korean gov requires Hyundai and Kia to up EV sales, penalty if target not achieved 01

The Korean government has required Kia and Hyundai to increase the proportion of EVs and hydrogen-electric cars to over 10% from the total sales for 2021. For 2022, proportion will be raised to over 12%.

This effort is in-line with the Korean government's goal to increase the number of pollution-free cars sold this year to 300,000 units.

Korean gov requires Hyundai and Kia to up EV sales, penalty if target not achieved 02

Business Korea reports that other car makers like GM Korea, Mercedes-Benz, BMW, Toyota, and Audi Volkswagen are required to increase the proportion of pollution-free cars to over 4% for 2021 and over 8% for 2022.

According to the government and related industries on 18-February, automakers with annual sales of more than 20,000 cars in Korea will be subject to the new policy initiative. They include manufacturers from Korea, Japan, and Germany that sell cars in Korea

Korean gov requires Hyundai and Kia to up EV sales, penalty if target not achieved 03

Companies that fail to meet the target sales target will be required to pay a contribution fee (1% or less of sales) beginning in 2023.

To further push the move towards EVs, the Korean government has also increased subsidies for both full-electric and hydrogen-electric cars.

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