policies to support EVs.
Under the new plan, the maximum incentive for electric vehicles has been raised to 6.8 million won ($4,700), up from 5.8 million won ($4,000).
It includes a new incentive that offers EV buyers who scrap or sell their internal combustion engine car an additional 1 million won ($700). The offer is only good for new EVs, not used ones.
Since many Chinese brands, like BYD, use cheaper lithium iron phosphate (LFP) batteries, the changes give domestic automakers like Hyundai and Kia the upper hand, as they use nickel-manganese-cobalt (NCM) batteries.
The Tesla Model Y remained the best-selling EV in Korea