Hundreds of Australian motorists will have access to affordable electric vehicle loans as part of a $20.5 million investment by the Clean Energy Finance Corporation.
The cash injection, announced November 28, will be used to finance more than $100 million in battery electric and plug-in hybrid vehicles through Taurus Motor Finance.
Discount offers can save car buyers hundreds of dollars in the process of financing cars priced under $90,000.
The announcement comes just days after a deal between the Albanian government, the Green Party and Senator David Pocock approved a tax break to lower the price of some electric vehicles, and the National Electric Vehicle Strategy Consultation Document signed more than 500 It took place a few weeks after receiving the submission.
The latest investment offers drivers a loan at a discounted rate, potentially saving you $1,300 over a seven-year loan on a $48,000 car.
Federal Energy Minister Chris Bowen said the investment is aimed at lowering the initial cost of electric vehicles, allowing Australian drivers to reduce overall transport costs and reduce emissions. .
“Electric cars are greener and cheaper to run, but the price is preventing Australians from enjoying these benefits,” he said.
“Cheap loans backed by CEFC financing will be a strong incentive for them to buy EVs and help decarbonise the transport sector.”
Prices for new battery electric vehicles in Australia remain high compared to other parts of the world, with the cheapest models available at around $46,000. The entry-level Tesla is $65,500 and the Polestar is $67,000.
Richard Lovell, head of fixed income markets at Clean Energy Finance Corporation, said the loan investment will provide a “strong incentive” for motorists to invest in electric vehicles and for manufacturers to launch vehicles on the Australian market. It is designed to boost the confidence to do so, he said.
“At least half of Australian car buyers finance their purchases with car loans,” says Lovell.
“By working with Taurus to establish a new green car loan, we have the potential to increase the availability of EVs. to the OEM manufacturers.”
Taurus Motor Finance has not yet disclosed details of the new loan, but founders David Giffin and Satyajit Pal said they are working with EV Direct, which sells the BYD Atto 3 in Australia, to “accelerate the transition” to electric vehicles. said he was working on
EV Direct chief executive Luke Todd said the initial price of the vehicle is “one of the biggest barriers to EV adoption in Australia” and that the company supports the new loan scheme.
Over 20 banks and finance companies, including Westpac, Macquarie and Bank Australia, also offer discounted rates for the purchase of electric vehicles in Australia. The companies announced earlier this year that they would stop financing petrol, diesel and hybrid vehicles from 2025.
According to the EV Council, electric vehicles will make up just 3.39% of new car sales in Australia through September 2022, up 65% from 2021.
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Australian Associated Press is an Australian news agency.