April 27, 2024

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[THE INVESTOR] Best for community rides, urban compact electric vehicles are creating a niche market in the fast-growing green car segment, satisfying the need for more personalized, mobile and cost-effective products.

The Twizy, imported and distributed by Renault Samsung, opened the market for micro electric vehicles last year. A total of 691 units were sold in the first year, with more than 1,000 requests for government subsidies applied for the French two-seater electric vehicle. 

Renault’s Twizy

The Twizy’s compact size allows it to go through narrow alleys, and it can can reach a speed of up to 80 kph, according to the company. Its safety features include airbags, four-point seatbelts and a safety-shell cabin to protect passengers.

Charged with a 220 voltage plug, the Twizy can run from 55 to 80 kilometers with electricity costs of about 600 won, the company said. It takes about 3 1/2 hours to fully charge the vehicle, with power stored in its lithium-ion battery.

The Korean government has allocated 4.5 million won as a state subsidy for micro electric vehicles, while separate subsidies from provincial governments vary from 2 million to 5 million won (US$1,860-US$4,650), depending on where the vehicle owners live. 

By Cho Chung-un/The Korea Herald (christory@heraldcorp.com)