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Australian gov't to subsidize electric vehicle loans for farmers, businesses

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STORY: Australian gov't to subsidize electric vehicle loans for farmers, businesses
SHOOTING TIME: Jan. 10, 2025
DATELINE: Jan. 10, 2025
LENGTH: 00:01:58
LOCATION: Canberra
CATEGORY: ECONOMY

SHOTLIST:
1. various of electric vehicles
2. various of ACT government business support hub
3. various of stores of electric vehicles in Canberra

STORYLINE:

The Australian government has announced it will subsidize loans for commercial electric vehicles (EVs) in a bid to decarbonize the country's economy.

Chris Bowen, the minister for climate change and energy, on Thursday committed 50 million Australian dollars (31 million U.S. dollars) in government funding to subsidize loans for EVs for farmers, freight companies and other small and medium businesses.

Bowen said that the scheme, which will be delivered through the government's Clean Energy Finance Corporation, would give Australian motorists more choices of cleaner and cheaper-to-run cars.

"Clean technologies like EVs, solar, batteries and electric machinery are a great way for businesses to save on energy bills and decarbonize," he said.

A similar scheme helped Australians buy over 4,000 EVs in 2024, with federally subsidized loans of 50 million Australian dollars.

Last December, Bowen also announced a 150 million AUD (93 million USD) program to help Australians earning less than 100,000 AUD (62,000 USD) annually to buy EVs.

According to data released by peak industry group the Electric Vehicle Council on Monday, EVs accounted for a record-high 9.6 percent of all new car sales in Australia in 2024, up from 8.4 percent in 2023.

Xinhua News Agency correspondents reporting from Canberra.
(XHTV)

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