In an effort to expedite the country’s transition toward electric vehicles, the South Korean government is lowering the prices of electric vehicles by 2025. This strategy includes implementing electric battery leases for Korean customers. This would cut their initial purchase costs by nearly half.

According to Business Korea, the South Korean government plans to lower the cost of electric vehicles for its consumers by nearly 10 million wan in the next four years. For perspective, thats about $9,000. They can achieve this goal by focusing on local BEV production and supply chains. The country plans to utilize dedicated platform development like Hyundai Motor Group’s E-GMP. Korean automakers will then be able to apply their own batteries to the adjustable architecture.

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South Korea Introduces Plan To Cut EV Prices In HALF by 2025

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