The Australian Government is supporting the uptake of electric trucks through an innovative $70 million financing package.
The Clean Energy Finance Corporation (CEFC) is working with Volvo Group Australia to accelerate freight electrification nationwide and help Australia reach its emissions reduction targets.
The $70 million finance package helps more operators to choose Australian-made battery electric trucks by addressing cost barriers. Features of the CEFC package include:
- support for an interest rate discount for eligible customers to lease medium and heavy-duty electric trucks and install EV charging infrastructure
- an innovative residual value support mechanism to reduce operating lease costs and support the future value of heavy-duty battery electric trucks.
Volvo Group Australia has committed to manufacture Volvo electric trucks at its Queensland facility from 2026, which will help to support local supply chains and skilled jobs.
With freight activity expected to grow within the next 15 years, collaboration across the public and private sectors — such as this CEFC–Volvo initiative — will be a key aspect of increasing uptake of low and zero emissions technologies and reducing transport emissions.
Read more
Minister’s media release
CEFC media release
Clean Energy Finance Corporation
Transport and Infrastructure Net Zero Roadmap and Action Plan