Buenos Aires offers loans for electric taxis
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Banco Ciudad in Buenos Aires, Argentina, partnered with the city government to offer loans of up to 28 million pesos to taxi and remis drivers who purchase new hybrid or electric vehicles.
The program aims to modernize the vehicle fleet and reduce pollution and noise in the city. Drivers with at least two years of taxi license experience and one year as registered independent workers can apply for loans covering up to 70% of a vehicle’s cost.
The loans have a fixed interest rate of 20% and a repayment period of 48 months. Eduardo Aizenberg, a taxi driver, purchased a plug-in hybrid vehicle with a 28 million peso loan and reports that his fuel savings cover the loan payment and insurance. Beyond the loans, the city is investing in infrastructure to support electric vehicles.
Buenos Aires is building a network of 400 public charging stations and plans to require all new public buses to be electric or run on gas by 2027. City officials also highlighted that electric vehicles registered in Buenos Aires are exempt from vehicle taxes and receive discounts on toll roads.
