The Albanese Labor Government is backing local jobs and manufacturing through its investments 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 see more Australian-made electric trucks on our roads.
The investment will see electrification of the nation's trucking fleet by providing discounted finance for trucking businesses and supporting the long-term residual value of electric trucks.
Volvo offers a full range of electric heavy vehicles and the manufacturing of Australian-made electric trucks is supporting skilled manufacturing jobs and local supply chains.
As demand ramps up we can expect to see more than 1,000 jobs supported at this facility in Brisbane.
Electric trucks are cheaper to run and maintain than diesel, over time 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.
Transport currently accounts for around 22 per cent 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 electric vehicle 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.
Quotes attributable to Prime Minister Anthony Albanese
"My Government is backing a future made in Australia - investing in local jobs, manufacturing and industry.
"We have all the resources to be a clean energy superpower - under the ground and in the sky - and projects like this show just what's possible.
"Electric-made trucks built right here in Brisbane will keep Australia moving now and into the future."
Quotes attributable to Minister for Climate Change and Energy Chris Bowen
"Under the Liberals, Australia watched vehicle manufacturing leave our shores. Under Labor, we're helping rebuild it for the clean energy age.
"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."
