South Korea’s government said on Friday it would boost subsidies for electric vehicles (EVs) by 20% next year as part of a package to help the country’s auto industry weather risks caused by U.S. tariffs.
The government said in a statement passenger EV subsidies would be increased to 936 billion won ($658.47 million) in 2026, up from 780 billion won this year, in a bid to stimulate local demand.
The package will also include support to help auto parts suppliers, with the government pledging to supply policy finance at levels above the 15 trillion won it provided in 2025.
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