Electric vehicles could represent more than 90 per cent of all cars and light commercial vehicles on Australian roads by 2050, supported by $1.7 billion in investment in new charging infrastructure, according to modelling produced for the CEFC and ARENA.
The modelling forecasts a surge in electric vehicle (EV) sales from as early as 2021, based on a combination of incentives, models and infrastructure. It also finds that, on current trends, EVs could have the same driving range capabilities as diesel or petrol-fuelled cars by 2024, addressing one of the biggest consumer concerns about EVs.
Australians have traditionally been early adopters of new technology but are lagging when it comes to EVs. The research shows we can accelerate the uptake of EVs in a way that benefits drivers as well as the environment, by lowering prices, supporting more models and developing a charging network.
Vehicle makers are forecasting an end to the production of pure internal combustion engines over the coming years. At the same time, vehicle charging networks are expanding, creating the essential infrastructure to support electric vehicles.
Lowering transport-related emissions is critical to the broader decarbonisation of the Australian economy. Since inception, the CEFC has deployed almost $43 million to support the purchase of electric and plug-in hybrid electric vehicles, for individual, small business and fleet buyers. In addition, through the Clean Energy Innovation Fund, we are financing start-up companies targeting the EV market.