Korea announces tax break for hybrid cars

South Korea’s Ministry of Knowledge Economy said it will give tax breaks for purchasers of fuel-efficient hybrid cars beginning July 1. Tax breaks of up to ¥3.1 million (US$33,120.76) would be eligible for those who purchase Hyundai Motor Co.’s Avante LPi hybrid, Honda Motor Co.’s Civic Hybrid and Toyota Motor Corp.’s Lexus RX450h. These cars meet the government’s fuel efficiency standard rating of 50% or higher, with nominal voltage rating of 60. (July 1, 2009)