“Korea may not be an attractive market for electric cars considering their lukewarm sales. But for Jeju alone it is a whole new different story,” said a Jeju official. There are some 300,000 vehicles on the roads in Jeju, while the provincial government aims to replace all the cars with electric vehicles by 2030. The 190-kilometer-long road around the island is within the driving range of most electric vehicles on a single charge. And one of the most intriguing factors that have enhanced Jeju’s affinity for EVs is its lavish cash incentives ― the highest-level around the world.
Jeju provides a combined 23 million won ($21,800) in rebates for EV purchase. The amount is almost double those in other countries. The United States and Japan ― the two top-seller markets of electric cars ― offer up to $10,000 and $13,300 (or 1.39 million yen), respectively. In a market dominated by Korean-made models such as Kia Motors’ Ray, GM Spark EV and Renault Samsung’s SM3 Z.E., foreign brands, equipped with more powerful lineups, are expected to secure price competitiveness to become a direct threat to the less sexy, high-priced Korean competitors.
For full article, see Korea Herald.