On the 20th (local time), the French government announced the final version of the electric car subsidy revision, colloquially referred to as the 'French version of the IRA (Inflation Reduction Act of the USA)'.
Through an official gazette publication at 1 AM (local time), the detailed 'environmental score' calculation method was disclosed. It divides into six categories: steel, aluminum, other materials, battery, assembly, and transportation, and calculates the score by summing the carbon emissions in each sector. Only electric cars with a minimum score of 60 out of 80 points will be eligible for government subsidies.
Regarding steel, the carbon emission coefficients per unit mass are higher for China (2.0), Japan (1.9), and Korea (1.7) compared to France (1.4) and the US (1.1). Similarly, the carbon emission coefficients for aluminum are considerably higher in China (20.0) and Japan (12.6) compared to Europe (8.6) and North America (8.5), with the coefficient for other regions including Korea being 18.5.
Even in terms of carbon emission coefficients per battery capacity unit, the figures for Europe and the US are respectively 53 and 55, whereas China, Japan, and Korea have higher values of 68, 67, and 63, showing an unfavorable calculation method for electric cars produced in East Asian countries including South Korea.
The marine transport carbon emission coefficient remained the same as in the initial draft. Earlier, entities like the Korea Trade Association had conveyed opinions requesting the removal of the discriminative marine transport carbon emission coefficient provision targeting companies with long-distance production, but this was not reflected.
However, the final version includes a provision that allows companies to object to the coefficient determinations in various sectors, including marine transportation carbon emission coefficients, and states that the French government will review and decide on these objections within two months.
The Ministry of Trade, Industry, and Energy stated, "We assess that the opinions of the South Korean government have been partially reflected compared to the initial draft."
The French Environment and Energy Management Agency (ADEME) plans to unveil the subsidy recipient models on December 15 after calculating the environmental scores for different electric cars. The revised plan will be implemented from January 1 next year.
Despite these changes, some analysts predict that the impact will not be as significant as the US IRA, given that the subsidy initially targeted only small and medium-sized electric cars. In France, electric cars priced below 47,000 euros (about 56 million KRW) and weighing less than 2.4 tons can receive up to 5,000 euros (about 7.1 million KRW) to 7,000 euros (targeting low-income groups, about 9.95 million KRW) in subsidies.
In Korea, models such as Hyundai, Kia's Kona, Niro, and Soul have been receiving the subsidies.
[Korean reaction]
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The moment Korea stops subsidies for foreign cars, people would swear at the Ministry of Land, Infrastructure and Transport for supporting Hyundai and Kia, but it seems that country doesn't do that lol.
Hyundai Kia Motors is withdrawing from Russia, betrayed in the US, and it's over in Europe.. Thanks to pro-nuclear policies, it seems like exports to Europe are over.. The country is running so well.
Korea already has a national debt, it is right to eliminate the subsidy itself.
The president does all the foolish things while using expensive tax money to fly around in planes, and there's nothing that has been gained for national interest. It's an anarchic state with no solutions or countermeasures.
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