In a bid to help more Australians get behind the wheel of an electric vehicle (EV) sooner, the Albanese government has announced a partnership with South Korean automaker Hyundai to offer lower cost financing for Hyundai and Kia EVs.
Federal minister for climate change and energy Chris Bowen says the Clean Energy Finance Corporation (CEFC) has committed $60 million to a new partnership with Hyundai Capital Australia (HCAU) to help eligible customers to save a minimum of 0.5 per cent and up to 1.0 per cent on their finance rate for new EVs priced below the luxury car tax threshold.
For example, on a $70,000 loan, a 1.0 per cent discount over five years could save more than $1,900 in interest costs.
“This CEFC investment will help lower the cost barrier for households and small businesses, making EV ownership more accessible,” said Bowen.
“Transport is one of our biggest sources of emissions, and electric vehicles are a key way we cut pollution while saving people money. As renewables ramp up, technologies like vehicle-to-grid can help make our energy system stronger, more flexible and more reliable.”
Hyundai offers a range of EVs in the Australian market, including the Ioniq 5, the Ioniq 6, the Ioniq 9, the Inster, the Kona, and the soon to be released Elexio. Its sister company Kia sells the Niro, the EV3, the EV5, the EV6, the EV9, and the newly released EV4.
“Electric vehicles are an important part of Australia’s mobility future, but upfront cost can be a barrier for many customers,” said Donglim Shin, the CEO of HCAU. “Working with the CEFC allows us to offer discounted finance on eligible Hyundai Motor Group electric vehicles, making electric vehicle ownership more achievable for Australian customers.
To qualify, vehicles must have a retail price of $91,387 or less including GST and demonstrator vehicles must have travelled less than 5,000km.
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.
