ULSAN — The city of Ulsan said it has drawn up a third supplementary budget worth 4.3 billion won ($3.1 million) to launch the third round of its 2026 electric vehicle subsidy program for private buyers. The round covers 500 vehicles in total, including 400 passenger cars and 100 trucks.
Applications will open in stages by vehicle type. Passenger car applications begin on the 18th of this month, followed by trucks on the 22nd. Purchase subsidy criteria remain unchanged from earlier rounds.
This year's program is designed to expand tangible benefits for people buying a vehicle for their own use. In addition to existing purchase subsidies and supplementary payments by vehicle type, the city has introduced a new switchover subsidy and is piloting preferential treatment for local companies, linked to efforts to nurture Ulsan's core industries.
Ulsan far exceeded its targets in the first and second rounds this year. Strong demand pushed distribution to 4,084 vehicles, or 120.8% of the planned volume, with cumulative subsidies paid reaching 30.8 billion won ($22.2 million).
"Thanks to the strong response from residents, we drew up a supplementary budget to move ahead with a third round," a city official said. "We hope residents and local businesses will take an active part in building an eco-friendly city through carbon neutrality and reduced fine dust."
