Buenos Aires promotes electric taxis via Banco Ciudad credits

The Government of the City of Buenos Aires is promoting the modernization of its taxi fleet through a specialized financing line provided by Banco Ciudad. The program is designed to facilitate the purchase of electric and plug-in hybrid vehicles to support a transition toward cleaner public transport.

Currently, 12 electric taxis are in operation, and approximately 120 drivers are processing credits of up to $28 million at a fixed interest rate of 20%. Officials noted that the operating costs for electric taxis are roughly 20% of those for gasoline or CNG vehicles, and they require significantly less maintenance due to having fewer moving parts.

To further incentivize the transition, electric vehicles receive a permanent 100% exemption from patent taxes. Hybrid vehicles benefit from a two-year full exemption, followed by a progressive reduction in tax payments over the subsequent years.