South Korea plans to increase financial support for its automakers and raise car-buyer subsidies on electric vehicles next year to help offset the costs from US tariffs and ease pressure from Chinese and other rivals.
The government is earmarking more than 15 trillion won ($10.2 billion), including low-interest-rate loans and guarantees, for domestic car and auto parts makers in 2026, the country’s industry ministry said Friday.
Subsidies for buyers of EVs are set to be increased by more than 30% to 936 billion won, and consumption and acquisition taxes will be waived for all-electric, hybrid gas-electric and hydrogen-powered vehicles. South ...
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