EV prices hit new lows in 2025

As the car industry rolls into 2025, drivers sitting on the fence about buying an electric car are being enticed with some of the lowest prices Australia has seen to date in the EV market. 

As EV sales dropped again in January (down to 4.4 per cent of sales, the lowest since October 2022), BYD, Tesla, MG, Hyundai and Chery have all cut prices drastically or are offering massive contributions towards financing, to the tune of as much as $20,000. 

Perhaps the most exciting development is the first EV on the market to dip under the $30,000 mark – the BYD Dolphin.   

Just a few years ago, the idea of an EV at this price point seemed like a pipe dream, and it’s an important milestone in helping EVs become a viable alternative to internal combustion engine (ICE) vehicles for many Australians, especially those looking for affordable city runabouts or family cars. 

Other carmakers have slashed sticker tags on outgoing year models by as much as a third, pushing promotions to boost post-Christmas sales figures. Some have introduced new trims to appeal to new audiences, now that the early adopter audience has soaked up initial enthusiasm, and EV sales have slowed. 

What are the biggest EV price drops of 2025? 

Nissan, Hyundai and MG have cut prices by astonishing amounts – up to 31.4 per cent to be exact. Here’s a quick breakdown on what the biggest discounts are, and why. 

BYD dives under $30,000 mark

Chinese automaker BYD has taken centre stage in the electric affordability race with its stable (or should we say pool) of ocean-inspired EVs.  

The BYD Dolphin, a compact electric hatchback that has attracted budget-conscious buyers, now starts at under $30,000, a first in Australia. Doing away with premium features like a panoramic sunroof, 360 degree camera and wireless phone charging, the newly introduced 340km WLTP Essential variant starts at $29,990 before on-road costs.  

The fallout is the removal of the previous $36,890 Dynamic variant, which is still available in existing inventory but is no longer available for new orders. Instead, BYD has sliced a generous $5900 off the 427km WLTP Premium trim, now priced at $36,990 before on-roads.  

Meanwhile, pricing and trims for the popular BYD Atto 3 small SUV have also been rejigged. Gone are the $44,499 Standard Range and $47,499 Extended Range variants, replaced with a 345km WLTP range Essential trim starting at $39,990 and a 420km range Premium trim starting from $44,990 (all prices before on-roads.) We note that BYD’s website states “maximum” WLT P ratings  

While the BYD Seal range remains unchanged, all three variants have seen price drops, from a $2898 discount for the 460km Dynamic variant bringing it down to $46,990 before on-roads, up to a $6748 drop for the Performance variant, bringing it down to $61,990 before on-road costs. 

2024 Tesla Model Y price cut as 2025 'Juniper' year model launched 

A new version of Australia’s most popular EV, dubbed the Tesla Model Y Juniper, is on its way which means price cuts for the outgoing model. Available through the EV maker’s online shop until March 31st, the lowest price at the time of writing is for a white RWD variant with 455km WLTP range. Its on-road sticker tag is $53,300, $2600 less than in 2024 and $10,100 less than the new Juniper model. 

With a new 551km 2025 Model Y Long Range now available from $73,400 before on-road costs, 2024 year model versions with 533km WLTP range can now be had from $64,300 before on-roads, down from $69,900 in 2024, an 8 per cent discount. 

Meanwhile, the Performance Model Y with 514km WLTP range is no longer available through Tesla’s online configurator. However, substantial savings can be had with the outgoing model, starting at $68,800 before on-roads, a $12,100 drop (15 per cent) from 2024. 

Nissan slashes Leaf prices by 30% 

Nissan has also drastically cut the price of the die-hard Nissan Leaf, one of the pioneers of the EV movement, as the Japanese carmaker readies for the introduction of a refreshed model later in 2025. 

The base model 270km WLTP Nissan Leaf, currently in run-out ahead of the arrival of a new model later this year, has had an enormous $21,000 (31%) slashed from its usual driveaway price. Originally priced at $50,990 before on-roads, the Leaf is now available for a sharply reduced $34,990 driveaway for all remaining stock. 

The higher-spec 385km WLTP Leaf+ has also received a substantial discount of $16,500 (27%). Previously priced at $61,490 (RRP), the Leaf+ is now available for $44,990 driveaway.  These discounts are available until 28 February 2025. 

MG cuts EV prices by up to 23 per cent 

Likewise, MG is offering significant cuts on its 2024 year model EVs, also having extended its sale until 28 February 2025. The entry-level 350km MG4 Excite 51, already recognised as one of the cheapest EVs in Australia, now starts from just $34,990 driveaway, down $4,000 compared to 2024.  

The MG ZS EV, another popular staple in MG’s lineup, has also received a substantial price cut with a likely successor in the form of the S5 EV waiting in the wings for 2025. 

As a result, the MG ZS EV Essence variant is now available from $36,990 driveaway, down $11,000 from 2024—a remarkable price for a fully electric SUV. The Long Range Essence is now $42,990 driveaway, down a mind-boggling $13,000 (more than 23%) from 2024. 

This substantial discount is likely ahead of the arrival of its replacement, the new MG S5—which is built on the same all-electric platform as the MG4—for which MG has gained approval in the government’s ROVER vehicle register. 

Hyundai discounts premium EV model 

Hyundai has also joined the price-cut fray, offering massive discounts on its Ioniq 6 sedan. The Ioniq 6, with its sleek design and maximum 600km+  range, was initially marketed as a premium electric option.  

But now Hyundai is offering major “contributions” to the up-front cost of the Ioniq 6 when financed through the manufacturer. With $15,000 towards the up-front cost of its Ioniq 6 Epiq and Dynamiq variants, and $20,000 for the up-front cost of the Epiq variants, this equates to a 20% to 22% discount. 

Chery Omoda E5 price dip 

Despite being a new entrant to the Australian Market, the Chery Omoda E5 is already available for significantly less than its introductory price.  

Priced in 2024 from $42,990 before on-roads for the 430km WLTP BX variant, and $45,990 for the EX variant, Chery has slashed around $2000 off the up-front price of its 2024 year model vehicles, bringing the sticker tags down to $40,300 driveaway for the BX variant and $43,390 for the EX variant. 

Why are EV prices dropping? 

Prices are falling as manufacturers respond to growing competition, slowing demand in some segments, and a push to meet emissions targets. Additionally, as the cost of manufacturing lithium-ion batteries continues to fall, wider profit margins allow carmakers to offer greater incentives to boost sales.  

What does this means for buyers? 

Essentially, there has never been a better time to consider an EV. With falling prices, more choices, and reduced running costs—such as cheaper energy, minimal maintenance, and solar integration—EVs are starting to become mainstream.  

As with any runout sale or vehicle discount, remember that not all price drops are equal. Buyers should assess factors like how far an EV can drive on a single charge, how long an EV takes to charge, and other factors when choosing your first EV.