The Australian automotive market is experiencing growth in overall vehicle sales, but there has been a slight decrease in the sales of electric vehicles (EVs) recently. In the first half of 2023, EVs accounted for approximately 8% of new vehicle sales, with the Tesla Model Y leading the way. However, the penetration rate for EVs in August 2023 dipped to 6.4%, down from 7% in July. Despite this dip, Australia is seeing increased interest in EVs, and August saw a total of 55,000 plug-in vehicles sold.
The recovery of the Australian automotive market is attributed to improved supply of vehicles and strong demand. SUVs and utes (pickup trucks) remain popular among Australian consumers, with utes being particularly dominant in the market.
Australia is also expecting the arrival of electric utes in 2024, including the BYD PHEV ute and the Ford F-150 Lightning, which could further boost the EV market.
Banks in Australia are reporting a significant increase in loans for EVs, with electric vehicle loans growing by 235% in the last financial year. Businesses are showing a growing interest in transitioning to hybrid and electric fleets.
In August 2023, the top 10 best-selling cars of all fuel types included five utes, indicating the continued popularity of these vehicles. The Tesla Model Y, while still performing well, dropped from second place to seventh.
The top 20 best-selling EVs in August in Australia were dominated by Tesla’s Model Y and Model 3, followed by models like the BYD Atto3 and Volvo XC recharge.
Charging infrastructure in Australia is expanding, with more charging stations becoming available across the country. This growth, along with rising petrol prices, is contributing to the increased interest in electric vehicles.
The cost of EVs in Australia is also becoming more competitive, with several affordable models entering the market, and state incentives further reducing the purchase price.
Overall, while there may be some fluctuations in monthly sales figures, the Australian EV market is showing promising signs of growth and adoption.
