The Australian government is investing in Australian-made electric trucks, with the first locally built Volvo electric truck rolling off the production line in Brisbane.

The government’s investment of $70 million with Volvo Group Australia – through the Clean Energy Finance Corporation (CEFC) – will put more Australian-made electric trucks on our roads. It will provide discounted finance for trucking businesses, supporting the long-term residual value of electric trucks. 

Australian Minister for Climate Change and Energy Chris Bowen says this investment backs Australian-made electric trucks, skilled manufacturing jobs in Queensland, and cheaper-to-run vehicles for freight operators.

“We want Australia making more things here, and we want businesses to have the confidence to choose cleaner technology that saves them money,” he says.

According to the government, electric trucks are cheaper to run and maintain than diesel. Over time, the government says those lower transport costs can flow through the economy and help ease pressure on prices for households and businesses.

“The CEFC’s $70 million commitment will help more trucking businesses through discounted finance and residual-value support to help more operators choose these future Australian-made electric trucks,” it says.

“Transport currently accounts for around 22% of Australia’s total emissions and is projected to become the largest source of emissions by 2030 without continued action.”

The CEFC has committed more than $200 million in EV related projects to help decarbonise Australia’s transport sector since its inception. As one of the world’s largest green banks, the CEFC has worked with third-party capital to deliver more than $600 million in new investment to help decarbonise Australia’s transport sector.