Overview
- Passenger EV subsidies will increase to 936 billion won ($658 million) in 2026, up from 780 billion won this year.
- Policy finance for auto parts suppliers will surpass the 15 trillion won provided in 2025, with strengthened guarantees for overseas operations in the U.S. and Mexico offering long-term, low-interest loans.
- A leaders-level agreement to reduce U.S. tariffs on South Korean autos to 15% from 25% remains unimplemented because no joint fact sheet has been issued.
- Foreign Minister Cho Hyun asked U.S. Secretary of State Marco Rubio to expedite release of the joint fact sheet during G7 meetings in Canada, Yonhap reported.
- Some media report Seoul is preparing an MOU with the U.S. and exploring special legislation to facilitate investments and tariff reductions, though these steps are not officially confirmed.