Australia’s electric-vehicle market is increasingly becoming a financial-services story, with global companies showing growing interest in the country’s fleet and novated-leasing sector.
The clearest recent example is the bidding war for FleetPartners, one of Australia’s major vehicle leasing and fleet-management companies.
In August, FleetPartners received competing takeover proposals from SG Fleet, Canada’s Element Fleet, Japan’s ORIX and a Sumitomo-led consortium. Sumitomo’s offer, announced on 25 August 2026, valued FleetPartners at approximately A$813 million.
The interest has continued into September. Reporting on 2 September indicated that the four bidders were conducting due diligence, with major investment banks advising the competing parties. FleetPartners’ novated-leasing operation has emerged as one of the major attractions, accounting for around a third of its business according to The Australian.
Why novated leasing matters
Novated leasing has become an important pathway into EV ownership in Australia.
Under the current Federal Government Electric Car Discount, eligible EVs can receive an FBT exemption when provided through qualifying salary-packaging arrangements. This has helped make novated leasing particularly attractive to employees considering an EV.
The market has grown rapidly as more Australians compare the overall cost of an EV with a conventional vehicle - including finance, tax, energy, servicing and insurance.
FleetPartners itself continues to market novated leasing as a way for employees to finance and run a vehicle through salary packaging.
A changing finance market
The FleetPartners bidding war is significant because it suggests the value of EV finance extends well beyond the vehicle itself.
Banks, fleet managers, salary-packaging providers and automotive finance companies are increasingly competing for the same customer.
Consumers now have a growing range of options, including:
- Novated leasing
- EV and green-car loans
- Manufacturer finance
- Traditional car loans
- Fleet finance
Major lenders are also developing dedicated EV finance products. CommBank, for example, currently offers an EV Access Program with a discounted secured-car-loan rate for eligible customers purchasing qualifying EVs or plug-in hybrids.
The next question: residual values
As EV sales accelerate, finance providers also face a new challenge - what will today's EV be worth in three or five years?
Rapid model launches, falling EV prices, improving battery technology and increasing competition are all factors that could affect future residual values.
For leasing companies and lenders, that means EV finance isn't simply about the interest rate. It is increasingly about understanding the vehicle's entire lifecycle.
What happens next?
The Federal Government's planned changes to the EV FBT regime from 1 April 2027 add another layer to the market.
Eligible EVs priced at or below $75,000 are expected to retain the full FBT exemption, while higher-priced eligible EVs will move to a reduced 25% FBT discount.
For manufacturers, lenders and leasing companies, the race is therefore not only to sell more EVs - it is to make them affordable, financeable and valuable over their entire ownership cycle.
Australia's EV transition is increasingly becoming a finance story.
And the question for the industry is no longer simply who will build Australia's EVs?
It is:
Who will finance Australia's transition to electric mobility?
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Sources
- Reuters - 25 August 2026, Australia's FleetPartners gets $582 million bid as Sumitomo-led group joins race.
- The Australian - 2 September 2026, FleetPartners bidding war: Goldman Sachs, Morgan Stanley join race as advisers.
- CommBank - 2026, EV Access Program and electric-vehicle finance.
- FleetPartners - 2026, Novated Leasing.
- PwC Australia - 8 May 2026, Government changes to the FBT electric-car exemption.
