Another $50 million partnership between the Clean Energy Finance Corporation (CEFC) and lender Metro Finance will get more Australian businesses into the market, Climate Change and Energy Minister Chris Bowen said on Thursday.
Eligible customers financing a $60,000 EV could save about $1700 in interest over five years with the independent Australian non-bank lender.
A previous $50 million tranche put more than 4000 EVs on Australian roads as of December 2024, with significant take up of Tesla and BYD EVs.
"Through the New Vehicle Efficiency Standard and our latest CEFC investment with Metro Finance, we are putting the power back in the hands of small business and helping to ease cost-of-living pressures," Mr Bowen said.
"We are putting the power back in the hands of small business," Energy Minister Chris Bowen says. (Dean Lewins/AAP PHOTOS)
More EVs, rooftop solar, batteries and electric machinery would help businesses to save on energy bills and decarbonise, he said, with the transport sector one of the nation's biggest emitters.
The CEFC program of MetroEco loans totalling $100 million can also be used for financing electric trucks and forklifts.
Federal Chamber of Automotive Industries data on new car sales this week revealed what it said was a "concerning trend" over the six months to December amid high borrowing costs and broader financial stress.
Demand for hybrid vehicles was strong but battery electric vehicles sales were "disappointing", according to the industry body's chief executive Tony Weber.
The New Vehicle Efficiency Standard (NVES) which took effect on January 1 should reduce emissions from new passenger vehicles by more than 60 per cent by 2030, and roughly halve the emissions of new light commercial vehicles, according to government modelling.
Motorists are predicted to save around $95 billion in fuel by 2050 as the standard brings more cheaper-to-run cars into Australia, while transport sector emissions are expected to fall around 321 million tonnes.
But with conventional internal combustion engine vehicles continuing to dominate, Mr Weber has warned of higher prices if car sellers were stung by penalties to cover the mismatch with consumer preferences.
Motoring bodies NRMA and RACQ, consumer group CHOICE and many automotive dealers, repairers and car giants have backed the emissions standard for new vehicles.
The new BYD Shark ute - the first plug-in hybrid ute in Australia - attracted more than 4000 orders in just four weeks.
Along with cutting taxes on EVs and building a charging network, Australians should get more choice to use less petrol, according to federal Labor.
With an election due by May, another lap on the future of EVs is expected with Opposition Leader Peter Dutton pledging to slam the brakes.
Then-prime minister Scott Morrison in 2019 accused Labor leader Bill Shorten of wanting to "end the weekend" by aiming for half of the cars on Australian roads being electric by 2030.
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