Australian Government and Hyundai Capital Partner for Discounted EV Financing

The Australian Government has partnered with Hyundai Capital Australia (HCAU) to offer discounted financing for eligible Hyundai and Kia electric vehicles (EVs). The Clean Energy Finance Corporation (CEFC) has committed up to $60 million for this initiative.

Discount Details

HCAU is providing discounts ranging from 0.5 per cent to 1.0 per cent per annum on customers’ finance rates. A 1.0 per cent discount on a $70,000 loan could result in interest savings exceeding $1900.

Eligibility and Exclusions

To qualify for the discounted financing, specific criteria must be met:

• Discounts apply to vehicles priced under $91,387, which is the Luxury Car Tax (LCT) threshold for fuel-efficient vehicles.
• Demonstrator vehicles must have traveled less than 5000km.
• Hybrid and plug-in hybrid (PHEV) models are excluded.
• Novated lease customers are excluded.
• The discounted financing cannot be combined with other finance offers.

Currently, various Hyundai and Kia models have variants that fall under the eligible price threshold.

Official Statements on the Initiative

Chris Bowen, the federal Minister for Climate Change and Energy, stated that the CEFC investment aims to make EV ownership more accessible.

The CEFC investment aims to lower the cost barrier for households and small businesses, increasing EV ownership accessibility. He noted that transport is a significant source of emissions, and EVs are crucial for reducing pollution and saving money.

HCAU CEO Donglim Shin also commented on the collaboration's potential to remove barriers for potential EV owners.

Upfront cost can be a barrier for many customers regarding EV ownership. He added that the collaboration with CEFC enables them to offer discounted finance, making EV ownership more achievable for Australian customers.

Partners in the Initiative

Hyundai Capital is the financial services unit of the Hyundai Motor Group, which owns Hyundai, Kia, and Genesis.

The CEFC is Australia’s specialist climate investor, supported by over $33 billion in capital from the Australian Government. It has invested in various clean energy initiatives across the country.

Recent EV Sales Performance Overview

Kia EV Sales

In the past year, Kia EV sales increased by 125.2 per cent, despite declines in EV6 and EV9 sales. The brand's overall sales rose by 0.4 per cent year-on-year.

Hyundai EV Sales

In contrast, Hyundai’s EV sales declined by 30 per cent overall, with Ioniq 5 and Ioniq 6 sales significantly down. Despite this, Hyundai's overall sales grew by 7.7 per cent.

Genesis EV Sales

Luxury brand Genesis experienced a 42.9 per cent drop in EV sales, although the brand's overall sales increased by 14.4 per cent year-on-year.