Rollout of new Energy Efficiency Classification System for Electric Vehicles
12. April 2024The Ministry of Trade, Industry and Energy of Korea has fully launched an energy efficiency rating system for electric vehicles, categorizing 278 models into five levels. From March 31, 2024, each vehicle in the market will display a grade indicating its energy efficiency. This initiative is expected to spur technological advancement in the sector and encourage consumer interest in more efficient electric vehicles. Components and equipment used for electric vehicle production usually require KC certification, KOSHA certification or other certifications in order to be approved for import and use on the Korean market.
The breakdown shows six vehicle models in the top tier, achieving 5.8km/kWh or more, while the subsequent tiers have Tier 2: 54 models, Tier 3: 73 models, Tier 4: 83 models, and Tier 5: 62 models, with the least efficient category managing less than 3.3km/kWh. Annual charging costs for the most efficient cars are significantly lower, estimated at 530 EUR compared to 1100 EUR for the least efficient.
The government’s strategy also includes a focus on reducing the retail prices of electric cars, thereby enhancing market competitiveness and consumer benefits, such as more charging stations, funded by savings from subsidy reductions.
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