Sales of hybrid electric cars in South Korea are expected to accelerate next year with government incentives expected to make some local models actually cheaper to buy than equivalent petrol models.
Local industry analysts suggested key mid-sized hybrid models, such as the Hyundai Sonata HF and the Kia K5, which also benefit from manufacturer incentives of up to KRW2.5m (US$2,395) per model, may become cheaper than their petrol equivalents with the additional KRW1m government subsidy to be introduced next January.
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Given hybrid vehicles’ greater fuel efficiency, local sales are expected to get a substantial lift next year as the cost advantages become significant.
