March 24, 2023

An Australian bank has decided the future is electric and will stop approving personal loans for new petrol and diesel powered cars from 2025.

Electric Vehicles (EVs) include Just a tiny 2 per cent of cars sold in Australia last year.This is a drop in the ocean compared to 17% in Europe and 13.3% in China any substitute Products offered by major EV manufacturers.

The customer-owned Australian bank wants to change that in its efforts to cut carbon emissions, even as the price of electric cars climbs globally as manufacturers look to cash in on government incentives to get drivers to ditch their petrol models.

Bank of Australia Chief Impact Officer Sasha Courville said: “We think the next responsible thing for us to do is make sure our car loans don’t lock our customers into higher carbon emissions and increasingly expensive operations for years to come. costs.” in a statement seen Fox News.

A pedestrian walks past a Tesla Inc service center in Sydney, Australia, Monday, April 12, 2021. Tesla and the electric car industry in general are booming in the richest country in the world. This is not the case in Australia, where even farm tractors outsell electric vehicles by a factor of 2 to 1. (Brent Lewin/Bloomberg via Getty)

“Ultimately, our announcement today is the start of a conversation with customers and a signal to the wider market that if you’re considering buying a new car, you should seriously consider electric vehicles – whether it’s because of its climate impact or lifetime cut costs.”

The Bank of Australia, which also recently set a target date for net-zero emissions in 2035, said it would still provide loans for used petrol cars “until there is a viable and thriving market for electric vehicles”.

“While we will stop providing auto loans for new fossil fuel vehicles from 2025, we know that while the market is growing, we need to support those who can’t yet afford electric vehicles,” Courville said.

Australia’s push to put more people on electric vehicles comes as the Biden administration’s own efforts have hit a snag: Electric vehicle prices have soared from a year ago, according to Breitbart News.

The average sticker price for an electric vehicle in the U.S. rose 22 percent in May from a year ago to about $54,000, according to research by data and analytics firm JD Power. quote Depend on Wall Street Journal.

The price hike comes after President Joe Biden in March called on Americans to buy electric vehicles to escape high gas prices and pledged to “double down” on green energy.

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