Australia's first electric ute is too expensive to qualify for a government-discounted EV loan scheme.
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While primary producers can apply for a reduced interest rate loan on EVs that cost less than $90,000, the LDV eT60 was priced at $92,990 when it arrived in showrooms last week.
For a vehicle costing about $48,000 farmers could save $1300 in interest on a seven year loan.
The EV financing agreement has been established between the Australian government-owned Clean Energy Finance Corporation and Taurus Motor Finance.
It was announced by the federal government on Monday, with $20.5 million committed to support discounted loans totalling $100m.
The funding comes off the back of the Electric Car Discount bill passing through the Senate.
Climate Change and Energy Minister Chris Bowen said the CEFC investment would help speed up the uptake of EVs in Australia and support the transport sector to reduce emissions.
"Electric vehicles are cleaner and cheaper to run, but Australians are missing out on these benefits because of the price," Mr Bowen said.
"EVs currently account for just over three per cent of new car sales in Australia, but all the market indications are that more Australians want to buy EVs to cut running costs and reduce their carbon footprint.
"Cheaper loans supported by CEFC finance are a strong incentive for them to buy EVs and will help decarbonise the transport sector."
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Since getting elected in May, the Labor government has taken a number of steps to support the uptake of EVs, including the removal of fringe benefits tax and the 5 per cent import tariff for eligible EVs.
It is also in the process of developing a National Electric Vehicle Strategy, which was open for consultation throughout October.
In the 2022 - 2023 budget the government also committed an extra $275m for the rollout of the $500m Driving the Nation Fund.
This fund is being used to build a national EV charging network and develop infrastructure for zero-emission vehicles for highways, fleets and freight hubs.
According to Swinburne University professor Hussein Dia, new petrol vehicles will be difficult to find in 10 to 15 years time as car manufacturers are under pressure to stop producing and selling petrol and diesel vehicles.
In less than eight years the sale of new petrol and diesel cars will be banned in at least nine countries.
China, Japan and another eight nations, will join that list by 2035.
