Splend fast tracks EV rideshare numbers to drive decarbonisation
Tackling emissions on the ride home
Australia’s largest vehicle subscription provider for rideshare drivers, Splend, is seeking to lead a more sustainable rideshare future by boosting its EV fleet.
$40m
CEFC commitment
Boosting EV
rideshare fleet
Cutting
transport emissions
This investment supercharges our mission to revolutionise the way people own and operate EVs, starting with rideshare. We're growing our EV fleet and accelerating Australia's transition to sustainable transport.Chris KingCEO, Splend
Our investment
The CEFC has committed $40 million to Australia’s leading rideshare fleet vehicle provider Splend to help it accelerate the decarbonisation of the national vehicle fleet and rideshare market.
The CEFC first backed a clean energy solution targeting rideshare drivers through an initial commitment of $20 million, which boosted the number of EVs in the Splend fleet by some 500 cars in less than six months.
A follow-on commitment announced in August 2024 supports Splend to further drive EV take up among rideshare drivers.
Rideshare drivers will be able to take up an EV through Splend’s flexible Flexi Own subscription plan that provides a path to ownership over a five-year period, or take up a short-term rental contract. Splend estimates that fulltime drivers could earn about $200 a week net more driving an EV, than those driving internal combustion engine (ICE) vehicles.
Launched in 2015, Splend is a tech-enabled financing platform that provides all-inclusive vehicle ownership products targeted at on-demand rideshare drivers.
our impact
Accelerating transport decarbonisation
Australia’s path to net zero emissions requires transformative change of the transport sector if we are to meet the emissions reduction target of 43 per cent on 2005 levels by 2030.
The Electric Vehicle Council of Australia estimates that fleet vehicles make up to 52 per cent of vehicle sales in Australia, with the potential to significantly contribute to the electrification of the transport sector.
Rideshare drivers can cover as much as 60,000 kilometres a year, according to Splend. That makes the uptake of EVs for rideshare fleets a significant opportunity to cut transport emissions.
Uber estimates that electrifying a rideshare vehicle amounts to an emissions savings three to four times greater than that of a privately owned vehicle1. According to industry estimates, EV drivers can save up to 70 per cent on fuel and 40 per cent on maintenance costs compared to those driving ICE vehicles. A typical car travelling 13,700 km a year would save an average of $1000, and up to $1200 if the vehicle charges overnight on an off peak electricity tariff rate.2
With Splend drivers making trips for an average 400 customers per month, the uptake of electric vehiclesEVs for rideshare fleets will have a significant impact in introducing customers to electric vehiclesEVs so they can see first-hand the benefits they offer.Richard LovellHead of Debt Markets, CEFC
Knowledge sharing to support further EV uptake
Splend has undertaken to share data about battery performance and fleet vehicle resale values. This data sharing will make it easier for fleet operators and fleet financiers to price operating leases and similar products into the future.
1 Uber estimate. Uber and Splend partner for reducing emissions in Australia
2 NSW Government, Cost of electric cars
