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S. Korea to phase out ICE vehicles from low-emission subsidy program from 2024: gov't

All News 14:23 February 24, 2022

SEOUL, Feb. 24 (Yonhap) -- The government decided Thursday to phase out internal combustion engine (ICE) vehicles from its subsidy program for low-emission vehicles starting in 2024.

The decision was reached in an inter-agency meeting on the growth strategy of three-designated fields of technology innovation -- semiconductors, future cars and bio health -- in which the government decided to revise its eco-friendly vehicle support scheme to focus on zero-emissions cars by phasing out low-emission vehicles from the program.

The tentative plan will effectively exclude ICE vehicles from the government's low-emission vehicle category from 2024.

According to the plan, subsidies towards LPG and CNG-powered vehicles and gasoline cars are to be excluded from the category starting in the next two years.

Hybrid electric vehicles (HEVs) and plug-in HEVs are under consideration of being excluded from the low-emissions car category in either 2025 or 2026. The government plans to fix the exact time frame in 2024 after reviewing the HEV market situation.

This undated file photo shows an electric vehicle parked near a charging station in central Seoul. (Yonhap)


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