An Australian low-cost EV start-up just scored $10M in funding

An Aussie Start-up for Cheap Secondhand EVs Just Scored $10M in Funding, and of Course Mike Cannon-Brookes Is Behind It

Boundless, a philanthropic foundation founded by Mike Cannon Brookes and other climate-conscious members, has invested in The Good Car Company, a Tasmania-based start-up focused on buying cheap EVs in bulk from abroad to resell in Australia.

As first reported by The Guardianthe $10 million investment is the first one Boundless has ever spent. Intention? To make electric vehicles cheaper.

“It’s absolutely fantastic to be the recipients of Boundless’s first-ever investment”, said Anthony Broese Van Groenouco-founder and director of The Good Car Company.

“Boundless aims to enable Australia to become a renewable energy superpower by 2030 and has invested in us to make that possible!”

The Good Car Company is an interesting start-up. Founded in 2019, the whole idea is based on enabling a cheaper, easier switch to electric vehicles by acting as an online ordering company for imported, second-hand EVs. It claims to be Australia’s largest importer of used electric vehicles.

The cars are sourced from Japan and the UK, with orders relying on community-led “bulk buying”, where pre-owned EVs can be ordered in bulk and shipped to specific parts of the country. One is currently performed in North Sydney.

As I browse the website at the time of writing, the prices are making me very excited as a downtown renter without the money to spend on a Tesla Model 3:

  • The cheapest EV listed is $21,990
  • Most stocks are Nissan Leafs, the oldest dates back to 2013
  • Their kWh capacity and odometer range is listed, along with range estimates
  • The most expensive car is an imported Peugeot e-Expert electric van for $85,236.

For comparison, the cheapest new ones EV in Australia, the MG ZS EV, costs $44,990. The price difference between that and these used cars is pretty big. In addition, although you can buy a used EV in the same way as a used ICE car, this website gives you another option, with a battery/warranty guarantee and a budget-oriented approach.

Cannon Brookes’ unicorn has been busy too. As we reported earlier this week, Atlassian is going on a recruiting campaign to try and train tech workers across the country.

But we’re getting off track. Coming back to this investment, it’s going to mean big things for The Good Car Company.

In particular, the number of imported cars is expected to increase tenfold, from 200 cars per year to 2,000 cars per year.

Additionally, the announcement says: that the money will help The Good Company deliver to more parts of the country and help speed the transition to electric vehicles.

“Australia is relatively little served by the availability and affordability of EVs,” added co-founder and director Sam Whitehead.

“We are so excited to bring more cars to more people; empowering them to take control of what is often the most important part of their household’s emissions budget.”

Good on these guys and their start-up. I wish for an idea like this that helps low-income motorists and help prevent our planet from burning down, all the success of the world.

You can learn more about The Good Car Company on her website or read the press release online.