Summary
- Australian auto market experiencing an influx of new electric vehicle launches
- Despite positive media coverage, sales of electric vehicles are falling
- MG4 offering a deal that has led to a quadrupling of sales in Australia
- Australian market experienced a low penetration rate for new electric vehicle sales in October
- Over the next few years, Australia and New Zealand are expected to see a surge in new electric vehicle launches
Article
The Australian auto market is experiencing some peculiar trends, with a significant increase in the launch of new electric vehicles, such as the BYD Shark EREV ute, the Jeep Avenger, and the Deepal SO7 SUV. Despite this positive development, overall sales are falling, leading to speculation about the reasons behind this decline. It is suggested that people may be waiting for new vehicle options or special deals before making a purchase. The introduction of the MG4 at a competitive price point has led to an increase in sales, indicating that pricing plays a significant role in consumer decision-making.
The market penetration of new electric vehicle sales in Australia has reached its lowest point in a year, with BEVs accounting for 6.8% of sales and PHEVs approximately 2.5%. Despite the increasing availability of electric vehicles, sales figures have not seen a corresponding rise. The top-selling brands in Australia include Toyota, Ford, and Mazda, with the MG4 emerging as the best-selling BEV in October 2024. Additionally, the launch of more than 40 new electric vehicles in Australia by the end of 2026 is expected to offer consumers a diverse range of options to choose from.
In New Zealand, the penetration rates of electric vehicles are similar to Australia, with BEVs accounting for 6.8% of sales and PHEVs around 4%. The Ford Mustang Mach-E emerges as a popular choice in the New Zealand market, driven by competitive pricing offered by dealers. However, there are concerns about the presence of 2023 EV models still available on dealer lots, signaling a potential issue with the perception and sentiment around purchasing electric vehicles. Government policies and market signals also play a crucial role in shaping consumer behavior towards electric vehicles.
As the year 2024 draws to a close and 2025 approaches, the global auto industry is experiencing a period of significant change and uncertainty. Both Australia and New Zealand are poised for a potential breakthrough in electric vehicle adoption, with hopes for cleaner, combustion-free streets reminiscent of those seen in China. The availability of a wide range of electric vehicle models and competitive pricing are expected to drive increased consumer interest and sales in the coming year, fueling the transition towards a cleaner and sustainable transportation sector.
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