Australian Government Unveils Cheap Loans for Hyundai, Kia EV Buyers

The Clean Energy Finance Corporation will commit up to $60 million to provide discounted finance of between 0.5 and 1.0 percent for eligible EV models.

A Hyundai Motor electric car Ioniq 5 is displayed at the World Climate Industry Expo in Busan, Korea, on Sept. 4, 2024. Anthony Wallace/AFP via Getty Images

The Labor government has unveiled a new push to make electric vehicles cheaper for Australian consumers by partnering with Korean carmaker Hyundai.

Under a new initiative, the government-owned Clean Energy Finance Corporation (CEFC) will commit up to $60 million (US$42 million) in partnership with Hyundai Capital Australia to provide discounted finance of between 0.5 and 1.0 percent for selected Hyundai and Kia EV models.