CEFC finance will help get more Australians on the road to owning an electric vehicle (EV) with a commitment of up to $20.5 million to make green car loans cheaper through Taurus Motor Finance (Taurus). The commitment from the CEFC will support an estimated $100 million of green finance for Australian consumers to purchase EVs.
Eligible borrowers will receive discounted interest rates on green car loans, compared to the rate for internal combustion engine powered (ICE) vehicles. The investment has the potential to accelerate the uptake of EVs and drive decarbonization of the emissions intensive transport sector by tapping into growing demand in Australia for EVs. It will further influence the Australian finance sector by demonstrating the value of green car loans.