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

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.

odissy@yna.co.kr
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