An Australian bank has decided that the future depends on electricity and will stop issuing consumer loans for new petrol and diesel cars from 2025.
Electric vehicles (EVs) made up insignificant two percent of vehicles sold in Australia last year. That’s a drop in the bucket compared to 17% in Europe and 13.3% in China, and with a high starting price of $47,000 and no charging stations below, potential buyers are still looking for any alternatives in the offer. from major electric vehicle manufacturers.
Customer-owned Bank of Australia wants to change that in its efforts to reduce carbon emissions, even as electric car prices soar worldwide, as manufacturers seek to monetize government incentives to force drivers to abandon their petrol models.
“We think the responsible thing we need to do going forward is to ensure that our lending does not tie our customers to higher carbon emissions and more expensive operating costs in the years to come,” said Sasha Courville, Chief Executive Officer of Bank Australia. In a statement seen by Fox News.
A pedestrian Tesla Inc. Passing by the service center. In Sydney, Australia on Monday, April 12, 2021. Tesla and the electric vehicle industry in general are thriving in the richest country in the world. The situation is different in Australia, where even farm tractors sell twice as much as electric vehicles. (via Getty by Brent Levin/Bloomberg)
“Ultimately, today’s announcement is the start of a conversation with our customers and a signal that if you’re considering buying a new vehicle to the wider market, you should seriously consider de-electric vehicles. due to climate and cost savings. in the life of the product.”
The Bank of Australia, which recently set a 2035 target date for zero emissions, said it will continue to offer loans for used gasoline cars “until there is a viable and prosperous market for electric vehicles”.
“While we will stop issuing auto loans for new fossil fuel vehicles from 2025, we know that as the market grows we need to support people who can’t afford electric cars yet,” Courville said.
Australians’ drive to get more people to drive electric cars comes as the Biden administration’s own effort towards the same goal hits a snag: Electric car prices have soared year-over-year, according to Breitbart News.
Prior to the $700 billion Inflation Reduction Act, Ford Motor Company and General Motors increased the prices of their electric vehicles, eliminating the potential benefit of the $7,500 electric vehicle tax credit. https://t.co/AobBgcxvqZ
— Breitbart News (@BreitbartNews) 19 August 2022
According to a study cited by analytics firm JD Power, the average list price of an electric vehicle in the United States rose 22 percent year-on-year to nearly $54,000 in May. Wall Street Magazine.
The price hike promised to “double up” his push for green energy, following President Joe Biden’s call in March for Americans to buy electric cars to avoid high gasoline prices.
Source: Breitbart
