New Partnership Offers Discounted Financing for Hyundai and Kia Electric Vehicles

Under the program, up to $60 million in funding will be allocated to provide discounted finance for new, fully electric vehicles priced below the luxury car tax threshold, currently set at $91,387. Eligible customers could benefit from a reduction of 0.5% to 1.0% on their finance rates. For example, on a $70,000 loan over five years, a 1.0% discount could result in savings exceeding $1,900 in interest costs.

CEFC CEO Ian Learmonth emphasized the importance of this partnership in accelerating the adoption of electric vehicles in Australia. He highlighted that by lowering the financial barriers to EV ownership, the initiative supports the nation's transition to cleaner transportation and contributes to reducing carbon emissions.

Hyundai Capital Australia CEO Donglim Shin expressed enthusiasm about the collaboration, noting that it aligns with their commitment to promoting sustainable mobility solutions. He stated that working with the CEFC allows them to offer more competitive financing options, thereby making electric vehicle ownership more achievable for Australian customers.

This partnership reflects a broader trend of financial institutions and automotive companies collaborating to encourage the uptake of electric vehicles. By addressing one of the primary obstacles to EV adoption—the high initial purchase price—such initiatives play a crucial role in facilitating the shift towards more sustainable transportation options.

Consumers interested in taking advantage of this program are encouraged to contact participating Hyundai and Kia dealerships or Hyundai Capital Australia directly to learn more about eligibility criteria and application processes.