EV Sector Successfully Overcoming Adoption Hurdles
(30 November 2023 - Australia) Australia has recorded a significant acceleration in electric vehicle (EV) usage among consumers and corporates, with the Electric Vehicle Council reporting a 120 percent increase year-on-year (YOY) and a total of over 130,000 EVs now traversing Australian roads.
CommBank reports a 235 percent increase in EV financing demand the last 12 months in the AFR as the industry leans into building out the infrastructure required to fast-track the nation's transition to a predominantly electric road fleet.
While many enterprises are exploring the transition to EVs through pilot programs, taking the next step to actually using them on a larger scale presents challenges, including lack of charging infrastructure, affordability and vehicle availability.
A key challenge in the electrification of the nation’s cars and trucks is creating the charging infrastructure and assessing at home vs public charging stations or those provided by business. The NSW government estimates up to 90 percent of EV owners will charge their vehicle at home (single dwelling or apartment complex).
“Electric passenger vehicles were the fastest growing vehicle type last financial year, and Australian businesses are set to play an outsized role in EV adoption across the country” commented CBA Asset Finance GM, Chris Moldrich.
“We recognise the complexity of transitioning to a passenger EV fleet, which involves a coordinated effort across multiple stakeholders. CBA’s ambition is to lead the transition and support the different component parts required to develop an ecosystem that makes transition feasible and practical" stated CBA Corporate Client Coverage MD, Michael Thorpe.