CEFC is investing up to $20.5 million in a partnership with Taurus Motor Finance to boost the electric vehicle uptake in Australia.
The commitment is expected to support an estimated $100 million of green finance for Australian consumers to purchase EVs, CEFC said in a press release.
Through the investment, eligible borrowers will receive discounted interest rates on green car loans, offering significantly lower rates than that of internal combustion engine-powered vehicles.
The initiative seeks to further influence the Australian finance sector and accelerate the emissions-intensive transport sector’s emissions by tapping into growing demand for EVs in Australia.
“As more Australians consider buying an EV to cut their carbon footprint, more affordable finance will provide a powerful incentive to convince them to commit. 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,” said CEFC Head of Debt Markets Richard Lovell.
The discounted green car loan from Taurus covers all battery electric vehicles and high-performance plug-in hybrid vehicle models under $90,000, including BYD plug-in electric vehicles through EV Direct.
“We’re delighted to receive this support from CEFC which will support the work we are doing with EV Direct to accelerate the transition of Australian consumers to a cleaner and greener future,” said Taurus founders and co-CEOs David Giffin and Satyajit Pal.
“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,” said Luke Todd, chief executive and managing director
In addition to this latest investment, CEFC has poured more than $54 million in large-scale EV projects, including EV charging infrastructure through Jet Charge, replacing diesel mining trucks with battery electric systems equipped with 3ME Technology and helping finance the country’s first electrified bus fleet with Zenobe.
