Taurus green loans for EVs are electrifying
Super-charging cleaner greener transport
CEFC finance will help get more Australians on the road to owning an electric vehicle with a commitment of up to $20.5 million to make green car loans cheaper through Taurus Motor Finance. The CEFC commitment will support an estimated $100 million of green finance for Australian consumers to purchase EVs.
Largest source of emissions
Cost has been one of the biggest barriers to EV uptake in Australia. For the first time the Australian consumer has a genuine choice between and EV and an ICE vehicle and we are excited to support this green funding initiative.Luke ToddCEO and Managing Director, EV Direct
The CEFC has committed up to $20.5 million to make green car loans cheaper through Taurus Motor Finance.
The Taurus discounted green car loan extends to all battery electric vehicles and high-performance plug-in hybrid vehicle models under $90,000, including BYD plug-in electric vehicles through EV Direct.
Eligible borrowers will receive discounted interest rates on green car loans, compared to the rate for internal combustion engine powered vehicles.
Australia’s Electric Vehicle Council says its research shows Australians are increasingly considering an EV purchase for their next car. However, Australia is well behind many other countries on the roll out of EVs – being ranked last or near-last out of 12 countries in all criteria measured in the Arcadis Global Electric Vehicle Catalyst Index 2021.
In fact, Australia was the only market assessed as being poor in each category in the Arcadis Index, including the availability of EVs and charging infrastructure. The Index estimated that in 2030 Australia will have just 20 EVs per 1,000 people, compared with 100 per 1,000 people in Italy and 120 in California.
The transport sector is Australia’s third largest source of national greenhouse gas emissions – meaning our success in reaching net zero emissions by 2050 must include a focus on the way we travel.
The CEFC investment with Taurus has the potential to accelerate the uptake of EVs and drive decarbonisation of the emissions intensive transport sector by tapping into growing consumer demand for EVs.
Increasing the number of EVs on Australian roads will also foster the development and roll out of the smart charging infrastructure needed to support them. More accessible EV chargers will in turn encourage more people to consider switching to an EV.
Accelerating EV uptake
The CEFC had helped finance more than 2,300 EVs, by September 2022.
The CEFC has also invested more than $54 million in large scale EV projects, including EV charging infrastructure through JET Charge, replacing diesel mining trucks with battery electric systems with 3ME Technology and helping finance Australia’s first electrified bus fleet with Zenobe.