The Clean Energy Finance Corporation has committed $60 million to help Australian buyers access cheaper financing for Hyundai and Kia electric vehicles priced under the luxury car tax threshold.
Key PointsCEFC commits $60 million to reduce finance rates for Hyundai and Kia EVs by 0.5% to 1%Eligible vehicles must be priced under $91,387 and include models like Ioniq 5, EV6, and EV9A 1% discount on a $70,000 loan could save buyers over $1,900 in interest over five years
The Australian government wants more people driving electric vehicles. To help make that happen, it has partnered with Hyundai to offer cheaper financing on new EVs.
The Clean Energy Finance Corporation (CEFC) has put $60 million into a deal with Hyundai Capital Australia. This means eligible buyers can save between 0.5% and 1% on their finance rate when buying a new Hyundai or Kia EV.
Federal minister for climate change and energy Chris Bowen says the move will help lower one of the biggest barriers to EV ownership.
“This CEFC investment will help lower the cost barrier for households and small businesses, making EV ownership more accessible,” Bowen said.
“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.”
How Much Can You Save?
The savings add up over time. On a $70,000 loan with a 1% discount over five years, buyers could save more than $1,900 in interest costs.
Even a 0.5% discount makes a difference. Over the same loan period, that would save around $950.
Which Vehicles Are Eligible?
The financing deal covers both Hyundai and Kia electric vehicles. Both brands are part of the Hyundai Motor Group.
Hyundai’s EV lineup in Australia includes:
Ioniq 5Ioniq 6Ioniq 9InsterKona ElectricElexio (coming soon)
Kia offers:
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Eligibility Requirements
To qualify for the discounted finance rate, vehicles must meet these criteria:
The $91,387 price cap matches the luxury car tax threshold for fuel efficient vehicles. This means most EVs from both brands will qualify.
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Why This Matters
Donglim Shin, CEO of Hyundai Capital Australia, says upfront cost remains a major barrier for many buyers.
“Electric vehicles are an important part of Australia’s mobility future, but upfront cost can be a barrier for many customers,” Shin said.
“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.”
Transport accounts for a large share of Australia’s carbon emissions. Getting more EVs on the road is part of the government’s plan to reduce pollution and meet climate targets.
What Happens Next
The financing deal is now available through Hyundai Capital Australia. Buyers interested in taking advantage of the lower rates should contact their local Hyundai or Kia dealer.
The partnership is part of a broader push to make EVs more accessible. As battery technology improves and more models enter the market, prices are expected to continue falling.
For now, this financing deal offers a practical way to reduce the cost of going electric.
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