Demand for electric vehicles has increased across Australia from both businesses and households as they look to reduce exposure to volatile fuel costs and futureproof their transport needs, new NAB insights reveal.
27 March 2026 | 2 min read
27 March 2026
Australian households are turning to EVs with lending doubling
EV business finance enquiries jump 88% amid fuel pressure
A Cherry Motors spokesperson said uptake in EV options have increasing dramatically
Demand for electric vehicles has increased across Australia from both businesses and households as they look to reduce exposure to volatile fuel costs and futureproof their transport needs, new NAB insights reveal.
Since the start of March, NAB has recorded a 100% increase in EV loans as Australians visit showrooms and consider top financed options from BYD, Chery, GWM, and Tesla.
On the business side, the bank has also recorded an 88% increase in enquiries for EV related lending, driven largely by fuel pressures and business costs.
NAB Executive for Business Banking Shane Ditcham said NAB was focused on backing Australian businesses to adapt and stay resilient as conditions change.
“We’ve seen it time and time again, Australian business owners are practical. When conditions shift, they pivot,” Mr Ditcham said.
“We’re seeing more SMEs and larger operators explore EVs and electrification as a way to manage running costs and futureproof their operations, particularly in a period of ongoing fuel price volatility.
“For many businesses, this is about cost certainty and resilience. For businesses where vehicles come back to the same place each night especially, EVs can make sense because energy costs are more predictable. That can be a real advantage when margins are under pressure.
“We’re spending time with customers, helping them work through the numbers and the practical realities of electrification, so they can make informed decisions during a tougher operating environment.”
Cherry Motors - Tiggo 9
A Chery Motors Australia spokesperson said the mix of vehicle options customers are choosing has shifted sharply in recent weeks.
“Over the past few weeks, we’ve seen a significant change in our sales mix, with uptake in electrified options increasing dramatically,” the spokesperson said.
“This includes growing interest in fully electric models like the Chery E5, as well as strong demand for our Super Hybrid range, including the Tiggo 7, 8 and 9.”
Doug McNamee CEO of JOLT, one of Australia’s largest fast charging networks and long-term partner with NAB said it has seen a significant acceleration in new users joining the JOLT network, with March being their strongest month for new sign-ups.
“We have seen a dramatic increase in charging usage over the last three weeks compared with the same period last year. New sign-ups are up over 30% on the month prior,” Mr McNamee said.
“More Australians are signing up, more are charging, and the profile of who's choosing electric is broadening. Urban public charging infrastructure is no longer a nice-to-have; it's what converts intent into ownership.”
NAB is encouraging businesses feeling the impact of fuel pressures to seek advice early. The bank’s network of more than 870 regional, agribusiness and small business bankers is already checking in with customers across Australia to understand what they are facing and how best to support them.
Notes:
NAB Business customers may be eligible for a 0.5% per annum discount on new qualifying vehicles and equipment finance contracts that are approved to participate in the discounted NAB Green Finance for Vehicles and Equipment Program.
NAB is one of the largest providers of asset finance in Australia, providing close to 25% of all asset finance for businesses in Australia.
Learn more about NAB personal car loans for electric vehicles.
