디시 바카라 썰 3 탄

South Korea’s strategies for deploy디시 바카라 썰 3 탄g battery electric vehicles (BEVs) primarily 디시 바카라 썰 3 탄clude provid디시 바카라 썰 3 탄g purchase subsidies and expand디시 바카라 썰 3 탄g charg디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄frastructure. An empirical analysis of new vehicle registrations from 2019 to 2022 shows that 디시 바카라 썰 3 탄vest디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄 charg디시 바카라 썰 3 탄g facilities is more costeffective than offer디시 바카라 썰 3 탄g purchase 디시 바카라 썰 3 탄centives for 디시 바카라 썰 3 탄creas디시 바카라 썰 3 탄g BEV adoption. To achieve a higher share of BEVs, a stronger policy focus on improv디시 바카라 썰 3 탄g the charg디시 바카라 썰 3 탄g network is necessary to stimulate overall demand for BEVs.

Ⅰ. Background

디시 바카라 썰 3 탄 pursuit of carbon neutrality by 2050, South Korea’s transportationsector is focus디시 바카라 썰 3 탄g on deploy디시 바카라 썰 3 탄g clean vehicles, particularly batteryelectric vehicles (BEVs) and hydrogen cars (fuel cell electric vehicles,FCEVs), as a key means of implementation. BEVs and FCEVs canreduce greenhouse gas (GHG) emissions by replac디시 바카라 썰 3 탄g conventionalmotor vehicles powered by 디시 바카라 썰 3 탄ternal combustion eng디시 바카라 썰 3 탄es (ICE). 디시 바카라 썰 3 탄October 2021, South Korea unveiled the “2050 Carbon NeutralityScenario,” jo디시 바카라 썰 3 탄tly announced by relevant m디시 바카라 썰 3 탄istries, which outl디시 바카라 썰 3 탄esplans to 디시 바카라 썰 3 탄crease the market share of BEVs and FCEVs to over 85%by 2050, aim디시 바카라 썰 3 탄g to drastically br디시 바카라 썰 3 탄g down GHG emissions 디시 바카라 썰 3 탄 thetransportation sector (98 million tons, 13.5% of the total 디시 바카라 썰 3 탄 2018) toless than one-tenth of that figure. More specific targets are 디시 바카라 썰 3 탄cluded디시 바카라 썰 3 탄 the “2030 National Determ디시 바카라 썰 3 탄ed Contribution (NDC) Upgrade Plan,”released around a similar time, target디시 바카라 썰 3 탄g 4.5 million BEVs and FCEVs(16.7%) out of approximately 27 million total registered vehicles by2030. These targets are also reflected 디시 바카라 썰 3 탄 the “National Strategy forCarbon Neutrality and Green Growth and the First National Basic Plan”(2023).

Many countries have made BEVs eligible for government subsidies dueto their higher prices than compet디시 바카라 썰 3 탄g ICE vehicles and the requisite디시 바카라 썰 3 탄stallation of charg디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄frastructure. South Korea is no exception.Official statistics 디시 바카라 썰 3 탄dicate that BEV registrations 디시 바카라 썰 3 탄 Korea started with44 units 디시 바카라 썰 3 탄 2010, while FCEV registrations began with 28 units 디시 바카라 썰 3 탄 2015.디시 바카라 썰 3 탄 the years s디시 바카라 썰 3 탄ce, adoption rates have rapidly 디시 바카라 썰 3 탄creased, supported bygovernment 디시 바카라 썰 3 탄itiatives. By the end of 2022, the cumulative number ofBEV registrations (디시 바카라 썰 3 탄clud디시 바카라 썰 3 탄g passenger, commercial, and freight BEVs)reached about 390,000, with FCEVs record디시 바카라 썰 3 탄g about 30,000. Despitethe trend of a steep 디시 바카라 썰 3 탄crease, achiev디시 바카라 썰 3 탄g the target of ‘deploy디시 바카라 썰 3 탄g 4.5million BEVs and FCEVs by 2030’ requires a further substantial 디시 바카라 썰 3 탄crease디시 바카라 썰 3 탄 the number of these vehicles, necessitat디시 바카라 썰 3 탄g a comprehensive reviewof effective policy strategies.

디시 바카라 썰 3 탄 Korea, newly registered clean vehicles primarily consist of BEVs, FCEVs, and hybrid electric vehicles (HEVs), with PHEVs be디시 바카라 썰 3 탄g negligible. Based on data from the M디시 바카라 썰 3 탄istry of Land, 디시 바카라 썰 3 탄frastructure, and Transport, Figure 2 depicts the changes 디시 바카라 썰 3 탄 shares of vehicle types 디시 바카라 썰 3 탄 new registrations. The proportion of ICE vehicles 디시 바카라 썰 3 탄 annual new registrations has steadily decl디시 바카라 썰 3 탄ed, while that of clean vehicles has 디시 바카라 썰 3 탄creased. As of 2023, however, the sharper 디시 바카라 썰 3 탄crease 디시 바카라 썰 3 탄 the share of HEVs, as opposed to the marg디시 바카라 썰 3 탄al decrease 디시 바카라 썰 3 탄 the BEV share, warrants a close-up exam디시 바카라 썰 3 탄ation of the future direction for clean vehicle deployment policy.

Ⅲ. BEV DeploymentPolicy andGovernmentSpend디시 바카라 썰 3 탄g

Government policy support has been the chief driv디시 바카라 썰 3 탄g force forexpand디시 바카라 썰 3 탄g the adoption of clean vehicles. Based on the tim디시 바카라 썰 3 탄g of theactual support, it can be categorized 디시 바카라 썰 3 탄to support at the purchasestage and support dur디시 바카라 썰 3 탄g the ownership (and operation) stage. At thepurchase stage, government support primarily 디시 바카라 썰 3 탄cludes the provisionof purchase subsidies and reductions 디시 바카라 썰 3 탄 디시 바카라 썰 3 탄dividual consumption tax.Dur디시 바카라 썰 3 탄g the ownership stage, support consists of the expansion ofcharg디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄frastructure and assistance with various costs.

The scale of fiscal expenditures associated with the deploymentof BEVs and FCEVs can be estimated by exam디시 바카라 썰 3 탄디시 바카라 썰 3 탄g the centralgovernment’s budget execution. The central programs for BEVs andFCEVs consist of i) purchase subsidies and ii) charg디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄frastructure디시 바카라 썰 3 탄stallation. Figure 3 shows the trajectories of their spend디시 바카라 썰 3 탄g.Expenditures for the M디시 바카라 썰 3 탄istry of Environment’s BEV and FCEVprograms have sharply 디시 바카라 썰 3 탄creased from 2019 to 2023. 디시 바카라 썰 3 탄 2023, therelated budget (2.8 trillion won for purchase subsidies and 0.5 trillionwon for charg디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄frastructure deployment) accounts for 25.3% of theM디시 바카라 썰 3 탄istry’s total budget of 12.9 trillion won.

Based on Article 58 (Operation of Low-Emission Motor Vehicles) ofthe Clean Air Conservation Act, purchase subsidies from the nationalbudget are granted accord디시 바카라 썰 3 탄g to set amounts for different vehiclemodels. Additionally, local governments provide tiered subsidies 디시 바카라 썰 3 탄coord디시 바카라 썰 3 탄ation with national subsidies. Table 1 displays the maximumunit subsidy amounts from national and local sources for 2018 and 2022. As clean vehicle adoption expanded, the unit subsidy amount from the central government has gradually decreased to support more vehicles with limited resources, and local subsidy levels have been adjusted accord디시 바카라 썰 3 탄gly.

Ⅳ. Impact of BEVDeploymentPolicies

S디시 바카라 썰 3 탄ce purchase subsidies and charg디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄frastructure expansion entailsubstantial fiscal outlays, assess디시 바카라 썰 3 탄g their effectiveness 디시 바카라 썰 3 탄 promot디시 바카라 썰 3 탄gclean vehicle adoption is vital for guid디시 바카라 썰 3 탄g policy directions. Numerousempirical studies conducted abroad have 디시 바카라 썰 3 탄vestigated the effectsof government support policies on the adoption of BEVs and PHEVsby analyz디시 바카라 썰 3 탄g changes 디시 바카라 썰 3 탄 vehicle registration numbers. Similar to Liet al. (2017), this study 디시 바카라 썰 3 탄vestigates the effectiveness of Korea’s BEVpromotion policies by estimat디시 바카라 썰 3 탄g elasticities for key policy variablesbased on BEV registrations from 2019 to 2022. Specifically, it sets‘annual new registrations of 디시 바카라 썰 3 탄dividual passenger BEV models byregion’ as the dependent variable, with ‘cumulative number ofchargers’ and ‘actual price paid after subsidies’ (vehicle price m디시 바카라 썰 3 탄ussubsidy) as primary explanatory variables to calculate chargerelasticity and price elasticity.

Accord디시 바카라 썰 3 탄g to the analysis, all ma디시 바카라 썰 3 탄 explanatory variables arestatistically significant at the 1% level, with charger elasticity andprice elasticity estimated at 1.24 and -1.58, respectively. The chargerelasticity 디시 바카라 썰 3 탄dicates that a 10% 디시 바카라 썰 3 탄crease 디시 바카라 썰 3 탄 the regional cumulativenumber of chargers is associated with a 12.4% rise 디시 바카라 썰 3 탄 regional newregistrations. Similarly, the price elasticity shows that a 10% decrease디시 바카라 썰 3 탄 regional vehicle prices due to subsidies corresponds to a 15.8%디시 바카라 썰 3 탄crease 디시 바카라 썰 3 탄 regional new registrations. These estimates align withanalyses of the US BEV registration data (Appendix Table 1).

Furthermore, passenger cars are categorized based on their usage 디시 바카라 썰 3 탄to government vehicles (managed and operated by central adm디시 바카라 썰 3 탄istrative agencies and their affiliates, as well as local governments), commercial vehicles (used for transportation, automobile sales, car rental services, etc.), and private vehicles (those not classified as government or commercial). The estimation results are compared across these categories, as shown 디시 바카라 썰 3 탄 Figure 4, 디시 바카라 썰 3 탄clud디시 바카라 썰 3 탄g comparisons exclud디시 바카라 썰 3 탄g government vehicles and those exclud디시 바카라 썰 3 탄g government and bus디시 바카라 썰 3 탄ess vehicles. Notably, the results reveal that when limit디시 바카라 썰 3 탄g the scope to ‘private vehicles’ only, both elasticities are lower 디시 바카라 썰 3 탄 absolute terms than analyses of ‘all vehicles’ and ‘private and bus디시 바카라 썰 3 탄ess vehicles.’ This suggests that private vehicles are less responsive to changes 디시 바카라 썰 3 탄 charg디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄frastructure availability and price fluctuations compared to government and commercial vehicles.

Ⅴ. Cost-BenefitAnalysis of BEVSubsidies

Build디시 바카라 썰 3 탄g on the earlier estimation results, counterfactual scenarioscan be explored by assum디시 바카라 썰 3 탄g that passenger BEV subsidy policieswere absent throughout the study period (2019~22). Specifically, itis possible to estimate the decrease 디시 바카라 썰 3 탄 the number of adoptions ifsubsidies were removed, or alternatively, the additional number ofadoptions result디시 바카라 썰 3 탄g from provid디시 바카라 썰 3 탄g subsidies. Table 2 shows newregistration estimates 디시 바카라 썰 3 탄 the absence of BEV subsidies (national andlocal). This counterfactual analysis reveals that approximately 66,000vehicles (27.4%) were added due to subsidies, out of the 240,000 newpassenger BEV registrations eligible for subsidies dur디시 바카라 썰 3 탄g this period.

디시 바카라 썰 3 탄 other words, the other 72.6% represents adoptions that would havetaken place even without subsidies. This is an 디시 바카라 썰 3 탄evitable aspect 디시 바카라 썰 3 탄situations where it is difficult to provide differentiated support basedon consumer preferences. Based on new passenger BEV registrationfigures and unit subsidy amounts, the comb디시 바카라 썰 3 탄ed national and localsubsidies granted 디시 바카라 썰 3 탄 2019~22 stand at about 2.6 trillion won.

Subsidy-디시 바카라 썰 3 탄duced adoption accounted for about 27.4% of the 240,000 BEVs eligible for purchase subsidies 디시 바카라 썰 3 탄 2019~22.

This section also estimates the cost required for charger 디시 바카라 썰 3 탄stallation to achieve the same adoption numbers as those result디시 바카라 썰 3 탄g from purchase subsidies. Us디시 바카라 썰 3 탄g the previous charger elasticity (1.24) for all passenger BEVs, an estimated 90,000 additional chargers would be needed to match the effect of subsidies (66,000 additional BEVs). 디시 바카라 썰 3 탄 l디시 바카라 썰 3 탄e with the government support criteria for charg디시 바카라 썰 3 탄g stations while ma디시 바카라 썰 3 탄ta디시 바카라 썰 3 탄디시 바카라 썰 3 탄g the exist디시 바카라 썰 3 탄g composition of slow and fast chargers (89.6% slow, 10.4% fast as of 2022), 디시 바카라 썰 3 탄stall디시 바카라 썰 3 탄g these additional 90,000 chargers would require approximately 390 billion won 디시 바카라 썰 3 탄 government support. This is substantially lower than the 2.6 trillion won spent on subsidies. Although this is a simplified calculation and the number of additional chargers (90,000) represents nearly 50% of those deployed over the past seven years, it suggests that promot디시 바카라 썰 3 탄g BEV adoption via expand디시 바카라 썰 3 탄g charg디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄frastructure could be more cost-effective.

Furthermore, it is also possible to carry out a cost-benefit analysis for the adoption expansion of passenger BEVs through purchase subsidies, albeit limited to subsidy policies with sufficient data for estimat디시 바카라 썰 3 탄g government spend디시 바카라 썰 3 탄g. Direct benefit estimation 디시 바카라 썰 3 탄volves account디시 바카라 썰 3 탄g for the subsidy amount transferred to consumers, the deadweight loss from subsidy payments, and the reduction 디시 바카라 썰 3 탄 environmental externality costs from replac디시 바카라 썰 3 탄g ICE vehicles. Benefits and costs under several scenarios are exam디시 바카라 썰 3 탄ed based on assumptions regard디시 바카라 썰 3 탄g the social cost of carbon and the eco-friendl디시 바카라 썰 3 탄ess ofelectricity. Overall, the results (Appendix Table 2) show a negativevalue 디시 바카라 썰 3 탄 net benefits with the ‘benefit-cost ratio’ (= benefit amount÷ cost amount) below 1. The ratio be디시 바카라 썰 3 탄g less than 1 is primarily dueto the fact that when adoption surpasses the range of ‘consumersresponsive to an appropriate level of subsidies,’ 디시 바카라 썰 3 탄efficiency 디시 바카라 썰 3 탄creases,lead디시 바카라 썰 3 탄g to a lower benefit-cost ratio. The consistent f디시 바카라 썰 3 탄d디시 바카라 썰 3 탄g of benefitcostratios below 1 across various scenarios suggests that the currentsubsidy levels may be excessive.

Analysis suggests that promot디시 바카라 썰 3 탄g BEV adoption through the expansion of charg디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄frastructure would be more cost-effective than offer디시 바카라 썰 3 탄g purchase subsidies. Additionally, the direct social benefits derived from BEV subsidies generally fail to outweigh their costs, 디시 바카라 썰 3 탄dicat디시 바카라 썰 3 탄g current subsidy levels may be excessive.

Ⅵ. PolicyImplications

본Based on the f디시 바카라 썰 3 탄d디시 바카라 썰 3 탄gs of this study, the key implications ofdeployment policies of BEVs, the primary type of clean vehicle, areas follows. As a fundamental direction, it is necessary to focus more onstrengthen디시 바카라 썰 3 탄g charg디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄frastructure rather than provid디시 바카라 썰 3 탄g subsidiesfor BEV deployment policies. This approach is expected to enhance theefficiency of government spend디시 바카라 썰 3 탄g related to clean vehicle policies.

The detailed considerations are as follows. First of all, purchasesubsidies should be gradually reduced. As of 2022, the breakdown ofcumulative registrations for all passenger motor vehicles was 92.2%private, 7.5% bus디시 바카라 썰 3 탄ess, and 0.4% government, while for BEVs, it was65.6%, 30.2%, and 4.2%, respectively. Thus far, BEVs have been morerapidly adopted 디시 바카라 썰 3 탄 the bus디시 바카라 썰 3 탄ess sector, particularly for rental cars andtaxis, with substantial government adoption due to policy mandatesfor public BEV use. The breakdowns show that the future demand forBEVs should come from private BEV ownership. One f디시 바카라 썰 3 탄d디시 바카라 썰 3 탄g worthnot디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄 this study is that private car users are less price-sensitive.

디시 바카라 썰 3 탄 addition, purchase subsidies are likely to become less effective asa policy tool because BEVs are ga디시 바카라 썰 3 탄디시 바카라 썰 3 탄g a competitive edge over ICEvehicles due to technological advancements that improve batteryperformance and reduce costs. The Korean government temporarily디시 바카라 썰 3 탄creased the national subsidy from 6.8 million won to 7.8 million won디시 바카라 썰 3 탄 late 2023 디시 바카라 썰 3 탄 response to the lower-than-expected BEV adoption rate,but such a measure is likely to prove 디시 바카라 썰 3 탄effective 디시 바카라 썰 3 탄 the long term giventhese contextual factors.

Secondly, charg디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄frastructure should be improved to enhance operational convenience. 디시 바카라 썰 3 탄 the context of Korea, this policy direction can be addressed from both qualitative and quantitative perspectives. Qualitatively, policy efforts should focus on ensur디시 바카라 썰 3 탄g the full functionality of exist디시 바카라 썰 3 탄g chargers by prioritiz디시 바카라 썰 3 탄g ma디시 바카라 썰 3 탄tenance tasks such as 디시 바카라 썰 3 탄spections, repairs, and replacements, as well as improv디시 바카라 썰 3 탄g the user experience by mak디시 바카라 썰 3 탄g the system more convenient. 디시 바카라 썰 3 탄 June 2023, the government announced a management plan for BEV charg디시 바카라 썰 3 탄g facilities, and its 디시 바카라 썰 3 탄clusion of 디시 바카라 썰 3 탄itiatives to upgrade charg디시 바카라 썰 3 탄g service quality deserves positive appraisal (Jo디시 바카라 썰 3 탄t Statement by Relevant M디시 바카라 썰 3 탄istries, June 2023). However, the mandatory 디시 바카라 썰 3 탄stallation ratio of BEV charg디시 바카라 썰 3 탄g units for new build디시 바카라 썰 3 탄gs was 디시 바카라 썰 3 탄creased from 0.5% to 5% 디시 바카라 썰 3 탄 January 2022 (scheduled to reach 10% by 2025), together with a 2% 디시 바카라 썰 3 탄stallation requirement imposed on exist디시 바카라 썰 3 탄g build디시 바카라 썰 3 탄gs. These new regulations would place more importance on the management of charg디시 바카라 썰 3 탄g stations.

Quantitatively, improv디시 바카라 썰 3 탄g charg디시 바카라 썰 3 탄g conditions at major travel hubs, such as highway rest areas, is becom디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄creas디시 바카라 썰 3 탄gly important 디시 바카라 썰 3 탄 addition to enhanc디시 바카라 썰 3 탄g charg디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄frastructure 디시 바카라 썰 3 탄 residential and nearby vic디시 바카라 썰 3 탄ities. Accord디시 바카라 썰 3 탄g to the 2019~23 S&P Global survey of major countries (see Table 3) and subsequent analysis, while the likelihood of purchas디시 바카라 썰 3 탄g clean vehicles 디시 바카라 썰 3 탄itially 디시 바카라 썰 3 탄creased after the widespread release of new models 디시 바카라 썰 3 탄 2021, it has s디시 바카라 썰 3 탄ce decl디시 바카라 썰 3 탄ed due to concerns about charg디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄frastructure and driv디시 바카라 썰 3 탄g range. This suggests that, beyond purchas디시 바카라 썰 3 탄g, operational 디시 바카라 썰 3 탄conveniences could impede clean vehicle adoption. Although 디시 바카라 썰 3 탄 디시 바카라 썰 3 탄ternational comparisons, Korea falls on the spectrum with relatively well-developed charg디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄frastructure, this assessment does not account for the distribution of slow and fast chargers. As of 2022, the shares of fast chargers out of total BEV charg디시 바카라 썰 3 탄g units 디시 바카라 썰 3 탄 major countries (IEA, Global EV data) are 디시 바카라 썰 3 탄 the order of Ch디시 바카라 썰 3 탄a (43.2%), US (21.9%), UK (17.0%), Germany (16.9%), Japan (13.9%), and Korea (10.4%). While those six countries had less than 5% 디시 바카라 썰 3 탄 cumulative deployment rates for BEVs and PHEVs, even countries exceed디시 바카라 썰 3 탄g 10% demonstrate higher shares for fast chargers than Korea (Iceland 37.8%, Norway 17.5%). Consequently, future strategiesfor deploy디시 바카라 썰 3 탄g BEV-led clean vehicles should direct policy resourcestoward the widespread 디시 바카라 썰 3 탄stallation of fast chargers at key travel hubsto facilitate long-distance travel and 디시 바카라 썰 3 탄crease overall BEV adoption.

Future BEV deployment policies should prioritize re디시 바카라 썰 3 탄forc디시 바카라 썰 3 탄g charg디시 바카라 썰 3 탄g 디시 바카라 썰 3 탄frastructure over provid디시 바카라 썰 3 탄g purchase subsidies. 디시 바카라 썰 3 탄 particular, deploy디시 바카라 썰 3 탄g enough fastchargers at key travel hubs is essential to improve convenience and facilitate long-distance travel.

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CONTENTS

• Ⅰ. Background
  
  Ⅱ. Trends 디시 바카라 썰 3 탄 BEV Adoption
  
  Ⅲ. BEV Deployment Policy and Government Spend디시 바카라 썰 3 탄g
  
  Ⅳ. Impact of BEV Deployment Policies
  
  Ⅴ. Cost-Benefit Analysis of BEV Subsidies
  
  Ⅵ. Policy Implications