The federal government has announced it is providing a funding boost to electric vehicles and associated infrastructure, with $76 million in funding announced for electric vehicle projects and the freight industry.
The Clean Energy Finance Corporation will invest $50 million in finance with Angle Auto Finance (AAF), Australian independent retail auto financier, to get 20,000 new electric vehicles onto Australia’s roads over the next two years.
AAF will provide short term loans to car dealerships to purchase vehicles from manufacturers, with dealerships to then repay the loan when the vehicle is sold.
More than $4 million from the Australian Renewable Energy Agency (ARENA) will help Europcar add 3,100 new electric passenger vehicles to its Australian fleet over three years in a $110.6 million transition project.
The rental car business is also teaming up with Ampol to install 256 chargers across 41 hire car sites in airports, cities and towns.
Europcar will operate the EVs for up to two years before selling them on to grow the second-hand EV market.
A further $22 million will also be invested in backing three projects to electrify logistics fleets in Western Australia, including Centurion’s 30 new electric trucks at its Hazelmere depot.
Alongside this, the funding will also help the state’s switch to light EVs and charging infrastructure, alongside Patrick Terminals’ new battery electric vehicle terminal trucks and fast charging infrastructure at the Port of Fremantle.
Federal climate change and energy minister Chris Bowen announced the funding at the 2024 Smart Energy Conference, saying the funding will help households and businesses to make the transition to cleaner vehicles.
“The federal government is committed to increasing the availability and accessibility of cheaper to run cars,” he says.
“This announcement is a massive boost for motorists, local governments and businesses as well as charging infrastructure.”