The Trends of the Australian EV Market
In June 2024 the vehicle (EV) market showed impressive progress and development with EV sales rising by 12% from May, to June totaling 4,700 units sold in June. This marks an increase compared to the 4,200 units sold in May 2024. Throughout the half of 2024 EV sales have steadily increased from 3,000 units in January to 4,700 units in June indicating a growth of 57%. This trend underscores the growing preference for eco transportation among consumers fueled by a range of models available government incentives and heightened environmental consciousness.
For insights into automotive sales records and the ongoing growth in June 2024 you can refer to the FCAIs report, on FCAI Automotive Sales Records.
The Top 10 Sales EV Models in Australia for June 2024
Based on recent data from various trusted sources, here are the top 10 best-selling electric vehicles (EVs) in Australia for June 2024:
- Tesla Model Y - Maintains its lead as the top-selling EV in Australia with consistent sales growth.
- BYD Atto 3 - Continues to be a strong contender, increasing its market share.
- Tesla Model 3 - Steady performance keeps it among the top three best-sellers.
- Polestar 2 - Gains more traction with its sleek design and robust features.
- MG 4 - New to the market but quickly climbing the ranks.
- Kia EV6 - Remains a popular choice for its design and technology.
- Volvo XC40 Recharge - Continues to impress with its combination of luxury and efficiency.
- Hyundai Ioniq 5 - Praised for its futuristic design and practicality.
- Cupra Born - Gains a foothold in the market with strong sales figures.
- Mercedes-Benz EQB - Blends luxury with electric performance, appealing to a niche market.
These rankings highlight the growing diversity and acceptance of EVs in the Australian market, driven by a combination of innovative features, competitive pricing, and environmental benefits.
Notable News in the Australian EV Market in June 2024
1.Tesla Model 3 and Model Y Price Cuts:
In June 2024 Tesla decided to lower the prices of its vehicles the Model 3 and Model Y. The starting price, for the Model 3 is now $57,400 while the Model Y starts at $65,400. This move aims to enhance their competitiveness in the market. Is a step, by Tesla to retain its market presence in the face of growing competition (CarsGuide).
2024 Tesla Model 3 Latest Prices (Prices listed are before on-road costs)
| Variant | Price |
| RWD | $57,400 (-$3900) |
| Long Range | $70,400 (-$3900) |
| Performance | $83,400 (-$5155) |
2024 Tesla Model Y Latest Prices (Prices listed are before on-road costs)
| Variant | Price |
| RWD | $65,400 (-$3900) |
| Long Range | $78,400 (-$3900) |
| Performance | $91,400 (-$7455) |
2. Price Reduction for the BYD Atto 3:
In 2024 the BYD Atto 3 received a price reduction of $3,000 bringing its starting price, for the Standard range down to $44,990. This adjustment is intended to boost its position in the market and better compete with SUVs such, as the Hyundai Kona Electric and MG ZS E (CarsGuide).
2024 BYD Atto 3 Latest Prices (Prices listed are before on-road costs)
| Variant | Price |
| Standard Range | $44,990 (-$3021) |
| Extended Range | $47,499 (-$3521) |
3. Solid State Batteries Not Feasible Yet:
Audis experts, in powertrain engineering believe that solid state batteries may not be the thing for making electric cars on a large scale mainly because of their expensive production process and technical hurdles. Even though solid state batteries come with benefits such as being lighter and offering range their need for precision and high costs make them less practical for adoption. Audi is looking into using lithium iron phosphate (LFP) batteries as an option for their mass produced car models. This strategy is in line with the trend, in the market that leans towards easily accessible battery technologies (CarsGuide).
4. BHP’s Nickel Supply Challenges:
BHP faced difficulties in profiting from the EV boom due to oversupply from Indonesian miners. This has impacted the global nickel market, essential for EV batteries, highlighting supply chain vulnerabilities (Australian Financial Review).
5. Origin Energy's "Accelerate EV Fleet" Campaign:
Origin Energy launched the "Accelerate EV Fleet" campaign, supported by $6.2 million in government funding. This initiative will provide 1,000 electric vehicles and charging infrastructure to corporate clients across Australia (Mordor Intelligence).
6. Logistics Giant Leads $45 Million EV Initiative
ANC, a known company specializing in final mile deliveries has introduced Project Spark, a $45.5 million endeavor designed to assist drivers in transitioning to electric vehicles (EVs). With the support of a $12.8 million grant, from the Renewable Energy Agency (ARENA) the project provides discounted leasing options and enhanced charging infrastructure. Teaming up with CarBon and Origin Energy ANC is working to overcome obstacles in delivery trucks by planning to deploy 112 battery vehicles (BEVs) for final mile deliveries across Australia. This initiative is part of a push towards promoting sustainability, within the logistics industry (The Driven).
Conclusion
June 2024 marked a turning point, for the electric vehicle sector in Australia with sales, a wider range of models and notable progress in infrastructure development. These developments highlight the increasing acceptance among consumers and the bright outlook, for the market ahead.
