A Tesla Model Y at an EV charging station in Sydney. Despite years of inflation, Teslas and other electric cars are cheaper than they’ve ever been in Australia,A Tesla Model Y at an EV charging station in Sydney. Despite years of inflation, Teslas and other electric cars are cheaper than they’ve ever been in Australia,And for those unable to splash out on a new electric vehicle, low prices are also creating bargains in the used car market.
Peugeot recently discounted 2023 versions of its e-2008 by about $26,000 , while Lotus slashed up to $49,000 off its Eletre SUV, which is now $189,990 before on-road costs. Mike Costello, corporate affairs manager at Cox Automotive, who provides vehicle data solutions and runs Manheim auctions, says “demand is just not quite as steep as it was at the peak of the market” in 2022 and 2023.“Growth is up this year but it’s slowed,” he says. “The early adopters have embraced the technology but it’s proving to be a bit tricky to get the mass market to adopt EVs.”
Leapmotor, Lynk & Co, Zeekr, Xpeng and Geely are among more than 10 brands planning to join the 60-plus car brands already on sale in Australia.That’s on top of companies such as BYD and Chery that have stated their ambitious growth plans. BYD, which only sells EVs and plug-in hybrids, has vowed to overtake Toyota to become Australia’s top-selling car brand by 2028.
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