Korea will cut electric car charging fees by half later this year as part of its efforts to promote the sector as a new growth engine, the trade ministry here said Monday.
Electric vehicle owners will pay 60,000 won ($53) to super-charge their cars at on-street public charging points starting from September, down from the current 120,000 won, according to the Ministry of Trade, Industry and Energy.
The price for normal charging will also go down to 9,500 won from 19,000 won, the ministry said.
The price cut is a follow-up to the Korean government’s long-term plan unveiled earlier this month to transform the country’s energy sector into an eco-friendly one.
The electric vehicle industry is at the top of the supportive program, with the country aiming to export an annual 200,000 units of the eco-friendly car by 2020 with a market share of 10 percent.