After a much slower start than many other countries, especially Europe, the Australian car market appears to be showing greater emphasis and interest in electric vehicles (EVs). The Federal Government announced that a cut in import duties will contribute to lower prices on some vehicles and increased affordability. Many manufacturers, now including Toyota, have made major commitments to further electrification of their ranges.
Toyota has recently strengthened its commitment to the EV market with an announcement of new models, future stock quantity commitments and charging facilities. With Australia’s leading auto manufacturer, Toyota, further committing to EVs, interested finance can source cheaper interest rate loans from Jade Car Loans. Affordability has and continues to be a key buyer turnoff to purchasing an electric vehicle. The second major issue has of course been range.
Our cheaper interest rate EV finance may offset the acquisition costs while more charging facilities should assist drivers heading off on longer journeys.
Toyota Announcement
On 31 January, Toyota posted a statement that revealed the company’s advanced electrification plans. According to Toyota, 72,815 hybrids were sold by the company in 2022. That was 31.5% of the total new vehicles delivered.
Their plans moving forward on the back of those sales include several moves – new models, more numbers of electrified vehicles in the overall stock and charging facilities at its dealerships.
The plans announced are for at least three EVs to be launched by the maker in three years. The first will be the BZ4X SUV late in 2023. Toyota plans to have more than 50% of its sales being electrified vehicles which encompass hybrids as well as other technologies, in 2025.
Further strengthening its commitment, Toyota announced a $20m investment in charging facilities by its details to support servicing and sales of its customer's EVs. 232 dealership sites are involved in the first stage of the charging network, which is already underway. This stage is due to be completed before the launch of the bZ4X later in the year.
Sean Hanley, the company’s Australian VP of Sales, Marketing and Franchise Operations, said that these announcements demonstrated Toyota Australia’s determination to combat climate change by being part of the solution.
According to Mr Hanley, the company would introduce further EVs progressively to provide its customers with affordable and practical means to reducing emissions. Even before when they can purchase a zero-emissions vehicle.
Mr. Hanley said that the company was committed to bringing EVs to the local market as they knew it would plan an ever-growing part in assisting the company and its customers to reach net zero carbon emissions. He said the company knew it would take several years to overcome the challenges that EVs faced. These he noted as the shortages in battery material, insufficient charging facilities and meeting customer requirements including towing.
The company sees it as too early to put ‘all their eggs’ in the EV basket. The company will be maintaining its strategy of utilising several technologies – battery and other electrified powertrains.
Toyota globally has plans for the launch of 30 new EVs by 2030, lifting the sales in its EV market to 3.5m pa. Mr Hanley said the company would be continuing to evaluate the Australian market for EVs. The commitment is to offer an electrified variant of each model in its range.
The dealer charging infrastructure would include a mix of AC as well as fast-charging DC outlets in both regional and metro areas and smaller locations.
EV Finance Update
With more interest in EVs comes more interest in the loans to make these purchases, including options like an affordable Tesla loan. The type of finance products is the same for all vehicles regardless of the fuel source. The difference between personal car loans and business vehicle finance is based on the use of the vehicle – for private or business. Interest rates offered are primarily determined by the buyer’s credit profile.
Motor vehicle finance rates vary across the market and with the RBA expected to announce further cash rate rises this year, the importance of using our broker services to secure the cheapest rate from across the market grows.
Business buyers are reminded that they can increase the cost-effectiveness of vehicle purchases with temporary fill expensing. Only a few months left to take advantage of this measure so contact us for quotes on Chattel Mortgage finance.
Contact Jade Car Loans 1300 000 003 for cheaper interest rates on Toyota EVs
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