The Australian Government has announced a $70 million investment with Volvo Group Australia aimed at accelerating the uptake of electric vehicles, by providing discounted finance and supporting the long-term residual value of electric trucks.
Funded through the Clean Energy Finance Corporation (CEFC), the $70 million commitment will be provided as discounted finance to lease electric trucks, support to improve end-of-lease values, and backing finance for businesses that install charging facilities at their depots.
Volvo already produces a full range of electric heavy vehicles and will start manufacturing electric trucks at its Queensland-based facility from 2026.
Volvo Group Australia President and CEO Martin Merrick said: “The announcement of this finance comes at a critical time for Australia’s net zero ambitions. We know the cost of entry is a significant hurdle to overcome for many of our customers wanting to take the first steps towards implementing electric transport solutions in their businesses.”
Minister for Climate Change and Energy, Chris Bowen, added, “We want to give more Aussie businesses the opportunity to benefit from lower running costs of EV ownership.”
“Australia is a country that runs on trucks, and with more and more Australians choosing to shop online, the switch to electric trucks could not come at a better time as we deliver on our climate ambitions.”
once again a major corporation ripping off aussie tax payers to prop up there business. if electric vehicles can’t stand on there own 2 feet, then they are not a viable option. why are aussie tax payers subsidising major overseas companies. this is government miss management of our money.