South Korea’s finance minister has announced government backing for expanded tax credits aimed at accelerating the adoption of electric vehicles, signaling a major policy shift to bolster the domestic automotive industry. The move comes as the country seeks to strengthen its position in the global EV market amid rising competition. Officials have pledged swift support for manufacturers to ease production costs and encourage consumer uptake. Industry observers suggest the decision could reshape incentives and investment strategies in the sector.
Lee Hyung-il backs South Korea EV tax credits, vows swift industry support Chosunbiz
