National Australia Bank expects increase in electric vehicle lending
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©Reuters. EN – National Australia Bank (NAB) reports a significant increase in electric vehicle (EV) business lending, tripling from October 2022 to September 2023. Tesla has become the best-funded manufacturer of electric vehicles. This growth is mainly attributed to more cost-effective financing options, a wider selection of electric vehicle models in the market, and attractive government incentives.
The bank’s observations are in line with industry trends, with Commonwealth Bank of Australia (CBA) also seeing a 235% increase in EV financing. Reports from both banks highlight the growing interest in electric vehicles among Australian consumers and businesses.
The expansion of EV charging infrastructure in the country is considered a key factor in promoting EV adoption. The network currently has more than 800 charging stations equipped with approximately 2,000 fast plugs, making it more convenient for EV owners to charge their vehicles and potentially influencing their decisions to invest in electric fleets.
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