Australia’s NVES credit registry shows early leaders emerging

NVES units are a tradable measure of compliance under Australia’s New Vehicle Efficiency Standard. Entities that outperform emissions targets (negative IEVs) generate units, which can be banked or traded. Entities that fail to meet targets (positive IEVs) accrue liabilities that must be offset in future periods.

Carmakers have 12 months from IEV issuance to open a registry account and claim units, meaning current holdings reflect only a subset of all eligible credits.

Current unit holdings

As of February 12, 2026, significant NVES unit holdings are concentrated among a few large EV-focused brands:

Many high-performing brands, such as Mazda Motor Corporation and Nissan Motor Co. (Australia) Pty Ltd, have yet to claim units, highlighting the ongoing nature of registry reporting.

Why do NVES Unit holdings matter?

Unit holdings are a key strategic tool under NVES:

• Offsetting future liabilities: Units can balance shortfalls in later years when targets tighten.
• Trading flexibility: Entities can sell or bank units, providing market-based compliance options.
• Compliance insurance: Especially important as passenger vehicle targets drop 17–59% by 2026–2029.

Industry observers note that even top performers must actively manage NVES units, as the supply of EVs alone may not guarantee compliance if demand does not grow.

Looking ahead

The NVES unit registry will be updated periodically, reflecting both claimed units and newly registered entities. As stricter 2026 targets approach, monitoring unit holdings will become increasingly important for forecasting industry compliance and the balance of EV supply versus demand in Australia.