Truck Loan Finance Online :: News
SHARE

Share this news item!

Record Growth in Electric and Hybrid Vehicle Financing in Australia

AFIA Reports $6.17 Billion in EV and Hybrid Vehicle Loans for 2024

Record Growth in Electric and Hybrid Vehicle Financing in Australia?w=400
The Australian Finance Industry Association (AFIA) has released its latest Electric Vehicle & Hybrid Finance Report, revealing a significant surge in financing for electric and hybrid vehicles across the nation.
In 2024, Australians secured over $6.17 billion in loans for these vehicles, representing a 50% increase compared to the previous year.
This substantial growth underscores a clear shift towards cleaner transportation options among both consumers and businesses.

According to the report, a total of 104,835 electric and hybrid vehicles were financed in 2024, up from 64,288 in 2023. Hybrid vehicles led the charge, with 60,083 units financed, while fully electric vehicles accounted for 44,752 units. This trend highlights the growing confidence in low-emission vehicles, despite ongoing challenges related to infrastructure and policy.

Commercial financing played a pivotal role in this transition, with AFIA members financing 82,617 commercial vehicles in 2024-a 62% increase from the previous year. Notably, novated leasing emerged as a major driver, representing nearly 70% of all transactions. This indicates that businesses are increasingly leveraging financial solutions to adopt cleaner vehicle technologies.

AFIA CEO Diane Tate emphasized the importance of finance in facilitating this shift. "Finance is critical to turning good intentions into real outcomes. It removes upfront cost barriers and gives more Australians access to vehicles that are cleaner, cheaper to run, and increasingly affordable," she stated.

However, the report also highlighted the market's sensitivity to policy changes. Early 2025 data showed a sharp decline in hybrid vehicle sales following the announcement of the end of the Fringe Benefits Tax (FBT) exemption for hybrids and plug-in hybrid electric vehicles (PHEVs). In April 2025, hybrid new business value dropped by 47.2%, and the volume of hybrid vehicles financed fell by 40% compared to March 2025. This downturn followed a surge in consumer activity in March, as buyers rushed to secure vehicles ahead of the policy change.

These figures underscore the significant impact that financial incentives and policy consistency have on accelerating or hindering Australia's transition to lower-emission transport. As the nation continues to navigate its path towards sustainable mobility, the role of tailored financing solutions and supportive policies remains crucial in maintaining momentum.

Published:Saturday, 4th Oct 2025
Source: Paige Estritori

Share this news item:

Finance News

Gold Reaches Unprecedented Heights Amid Global Instability
Gold Reaches Unprecedented Heights Amid Global Instability
08 Oct 2025: Paige Estritori
In an unprecedented turn of events, gold prices have surged to nearly $US4000 per ounce, positioning the precious metal as Australia’s second most valuable export. This dramatic price escalation is driven by a complex interplay of factors including cuts in US interest rates and global geopolitical tensions, leading investors to seek the security of stable, tangibly-valued assets like gold. - read more
Australian Court Upholds Ruling on Misleading Harvey Norman Ads
Australian Court Upholds Ruling on Misleading Harvey Norman Ads
08 Oct 2025: Paige Estritori
The Full Court of the Federal Court of Australia has upheld a prior decision against Latitude Financial and Harvey Norman, maintaining that certain advertisements were misleading. These ads, which ran from January 2020 to August 2021, promoted ‘no deposit’ and ‘interest-free’ payment options but failed to disclose the necessity of acquiring a Latitude GO Mastercard to avail the offer. - read more
Regulatory Pressure on Investment Governance Following Fund Collapses
Regulatory Pressure on Investment Governance Following Fund Collapses
08 Oct 2025: Paige Estritori
The Australian government has directed the Australian Securities and Investments Commission (ASIC) to reassess current financial resource stipulations for managed investment scheme (MIS) operators. Concurrently, the Australian Prudential Regulation Authority (APRA) has advised platform trustees to enhance governance standards. These actions stem from the collapse of the Shield and First Guardian master funds, which led to significant investor losses. - read more
ASIC Initiates Comprehensive Review of Motor Vehicle Finance Practices
ASIC Initiates Comprehensive Review of Motor Vehicle Finance Practices
08 Oct 2025: Paige Estritori
The Australian Securities and Investments Commission (ASIC) has commenced a thorough review of the motor vehicle finance sector, aiming to bolster consumer protections and ensure industry-wide compliance. This initiative is particularly focused on the experiences of borrowers in regional and remote areas, including First Nations communities. - read more


Truck Loans Articles

Understanding the Basics of Truck Financing
Understanding the Basics of Truck Financing
Truck financing is a financial solution that enables Australian businesses to acquire trucks without the need for substantial upfront payments. This type of financing is essential for many enterprises relying on trucks for their day-to-day operations, from logistics companies to construction firms. - read more
Lease vs Buy: What’s Best for Your Business Truck Investment?
Lease vs Buy: What’s Best for Your Business Truck Investment?
For many businesses across Australia, trucks are not just vehicles—they're an integral part of operations. Whether it's delivering goods, providing services, or transporting raw materials, having a reliable truck can make all the difference in ensuring smooth business operations. - read more
How to Choose the Right Financing Options for Your Fleet
How to Choose the Right Financing Options for Your Fleet
When it comes to managing a fleet, the financial decisions you make can significantly influence your business operations. Understanding the impact of fleet costs is crucial, as it helps in ensuring the sustainability and efficiency of your operations. High fleet costs can eat into your profits, making it vital to find cost-effective solutions. - read more
A Comprehensive Guide to Chattel Mortgages for Truck Financing
A Comprehensive Guide to Chattel Mortgages for Truck Financing
If you're running a business in Australia, trucks might be a crucial component of your operations. Whether for transportation, delivery, or service, trucks play a vital role in ensuring business efficiency and success. However, acquiring these vehicles is not always straightforward, leading many business owners to face the lease vs buy dilemma. Understanding the right financing option for trucks can significantly impact your business's financial health. - read more


Free Assessment

Loan Amount:
Postcode:
All quotes are provided free (via our secure server) and without obligation. We respect your privacy.

Knowledgebase
Debt Consolidation:
A means empoyed to renegotiate debt. By combining loans and outstanding bills, a person can consolidate debt with a single financial institution resulting in a single monthly repayment.