Electric vehicle sales hold ground as drivers flock to hybrids  

Battery electric vehicle (BEV) sales in Australia for August 2024 were down to 5892 vehicles, around 1000 vehicles less than a year ago, as hybrid sales doubled from 5164 to 11,500 vehicles for the month compared to the same period.

The latest figures from Vfacts and the Electric Vehicle Council (EVC) show a tightening of the market month-on-month, but also that low and zero emissions vehicles are on the rise looking at year-to-date figures.

Broader auto sales were up 5.3 per cent to 830,226 vehicles across all powertrains, while hybrid sales doubled year-to-date, from 59,344 in the first eight months of 2023 to 116,344 in 2024.

EV sales were up by 5.6 per cent once figures from the EVC – which now reports sale figures for EV leader Tesla and Volvo offshoot Polestar – were added. All in all there are now 60,159 new EVs on the road so far in 2024.

The EV sector reflects the automotive market at large, which saw sales down 10.6 per cent compared to August last year but a year-to-date total up by 5.3 per cent.

Federal Chamber of Automotive Industries (FCAI) chief executive, Tony Weber, points to cost-of-living pressures and interest rates as the main culprits for the August sales downturn.

“This is a positive result in historic terms, with August 2024 recording the second highest August ever in Australia,” he says. “The outlier in the data is the 2023 number, which broke the previous best August result in 2017 by 13.8 per cent.

“Once again, the new car market is showing signs of resilience as cost-of-living pressures and interest rates continue to impact the economy.”

SUVs and light commercials (especially 4x4 utes) continue to dominate the sales charts, accounting for more than 80 per cent of all vehicles sold. Passenger vehicles (sedans, hatches etc.) now make up just 15.4 per cent of the market.

Toyota outsold every other marque by more than double, racking up 21,490 sales in August compared to Ford in second place with 8890 and Mazda third with 8263.

A big spike in hybrid-electric sales contributed to the Toyota RAV4 becoming the top selling vehicle in August, with 6712 units moving off showroom floors. The Ford Ranger and Toyota HiLux utes weren’t far behind, with 5431 and 4496 sales respectively.

The Toyota Corolla hatch was the only passenger vehicle to scrape into the monthly top 10, recording 1855 sales (well down on its August 2023 figure of 2808).

The top 10 selling models for August 2024 were:

1. Toyota RAV4 (6721)
2. Ford Ranger (5431)
3. Toyota Hilux (4496)
4. Isuzu D-Max (2548)
5. Toyota Landcruiser (2504)
6. Ford Everest (2273)
7. Mitsubishi Outlander (2188)
8. Kia Sportage (2051)
9. Mazda CX-5 (1927)
10. Toyota Corolla (1855) 

It’s no surprise that the Model Y and Model 3 remain the most popular vehicles when it comes to the battery electric kind. However, with 15,154 and 12,902 sales under the belt so far in 2024, neither are any longer in the top ten for the broader market.

BYD held the number three, four and six spots, with 5033 Seal electric sedan sales, 4587 Atto 3 compact SUV sales and 1639 Dolphin hatchback sales.

The MG4 holds number five, with 3387 sales to its name. The arrival of the Volvo EX30 has proven a winner also: after just six months’ of sales, it has climbed another spot to number seven.

BMW claimed eighth and ninth spot with the iX1 and i4, and Kia holds number ten with the EV6. Note, some sales figures for models that share their name with an internal combustion engine (ICE) stablemate – including the Volvo XC40 Pure Recharge and the BMW iX – are yet to be confirmed.

In the first week of September 2024, several more automakers have cut prices for EV models in Australia, as sales slow down amid growing competition in the market. Notably, Audi, Polestar, and Jeep have all announced reductions in the prices of key models – three even before launching on the market.

With sales down by 27% compared to the same time in 2023, Polestar has announced significant price drops for two 2025 models.

Polestar 2 price drop across range

For the Polestar 2, the Standard Range Single-Motor variant is now priced at $62,400, down from $67,400 before on-road costs. Meanwhile, the Long Range Single-Motor variant has been reduced to $66,400, and the Long Range Dual-Motor variant now starts at $71,400.

The top-tier Long Range Dual-Motor with Performance Pack is also affected by the price cut, dropping to $80,380, all before on-road costs.

Polestar 4 price drop below LCT threshold

Polestar also slashed prices for its Polestar 4, ahead of the model's Australian release in November. The long-range single-motor variant will now start at $78,500, $3,000 less than the $81,500 price tag originally announced in February. Similarly, the long-range dual-motor variant has seen a $3,000 price cut, now priced at $88,350 – below the Luxury Car Tax Threshold of $91,387 for fuel-efficient vehicles.

Audi drops Q4 e-tron price ahead of launch

Similarly, Audi has introduced more competitive pricing for its Q4 e-tron ahead of its launch in Australia. The Audi Q4 e-tron 40, initially priced at $82,900 AUD, now starts at $79,900 before on-road costs. Likewise, the Q4 e-tron 50 quattro variant has also seen a reduction, now priced at $89,900 AUD, down from $94,900 before on-roads.

Jeep Avenger to compete with BYD Atto 3

Lastly, Jeep has reduced the pre-launch price of its Jeep Avenger EV by $3,000 to $4,000 depending on the variant. The base model now starts at $49,990 AUD, down from the initial $53,990 before on-road costs.

This move positions Jeep’s first all-electric SUV, which is equipped with a 54kWh battery offering a range of up to 396km WLTP, in line with the BYD Atto 3 which is the most popular vehicle in the compact SUV segment. 

Meanwhile, the most generous EV rebate available in Australia has finally dried up.

The Queensland Zero Emission Vehicle (ZEV) Rebate Scheme, started in July 2022, provided financial incentives of $6000 – double that of NSW, Victoria and South Australia – has now ended with the initial funding allocation depleted.

In total, the $45 million rebate scheme was intended to run for up to three years. According to the Queensland Government, the scheme increased the number of EVs on the sunny state's roads to more than 46,000; one per cent of the state's entire car fleet.

Ending after just two years, the scheme provided rebates for 10,000 new electric vehicles.

While the rebate's depletion reflects the positive uptake of EVs in the state, it also marks the end of another state's support for drivers wanting to go electric. While Western Australia has extended its $3500 EV rebate from a cap of 10,000 vehicles to all eligible applicants received by May 10, 2025, Tasmania also still has an EV incentive in place – however, there are just 21 rebates still available there.

With EV sales ebbing in recent months, only the New Vehicle Efficiency Standard remains to ensure continued support for the transition to sustainable transportation. 

This article was updated on September 9, 2024, to reflect the fact that Western Australia also still has rebates available.