As you contemplate buying an Electric Vehicle as your next car, the influx of more affordable models in Australia implies that you can now own an electric compact hatch or medium-sized SUV at a comparable cost to a high-end Toyota Corolla, Mazda 3, or Hyundai i30.
Offering extended travel distances and a host of driver amenities and innovations, the latest wave of economically-priced EVs are an excellent selection for drivers predominantly commuting in city areas, aiming to minimize their vehicle to cut operating expenses, or exploring an electric car to maximize the use of renewable energy from a residential solar system.
What is the current market snapshot for electric vehicles in Australia?
As of the close of September 2024, we have seen a total of 70,000 new electric vehicles making their way into Australian homes. This number corresponds to 7.5% of all new vehicle purchases, despite a slight drop in demand over the past few months.
Compared to the same time in 2023, EV sales have increased by 6.4% year-to-date. It’s interesting to note, however, that last year saw a whopping 200% year-on-year growth rate!
The sustained interest in Tesla's EV range, coupled with the more affordable options offered by BYD, GWM, and MG, has contributed significantly to this growth. The Federal Government's Electric Car Discount Policy, which offers tax incentives for EVs financed through a novated lease, has also played a key role.
Currently, Tesla, BYD, and MG are leading the charge as the most popular electric vehicle brands in Australia.
The GWM Ora is one of Australia's cheapest EVs
Discover Australia's Value-Packed Electric Vehicle Brands
Are you scouting for a brand-new, reasonably priced electric vehicle (EV)? Your best bet would be compact cars and SUVs offered by booming Chinese brands that are currently broadening their dealership and service presence across Australia.
Three companies, BYD, GWM, and MG, are setting the pace in the budget-friendly EV realm in Australia. These three contenders dominate the entry-level market segment for compact electric cars, with some of the most economical options in their inventory available for less than $34,000 driveaway. For perspective, Tesla's least expensive EV, the highly-regarded Model 3 sedan, begins around an approximate $60,000 on-road cost.
Anticipate more than just affordability with these electric cars, as they don't skimp on style, distinctive EV characteristics, or cutting-edge technology. As competition escalates and enticing driveaway offers become more prevalent, there's a wealth of value to be explored.
With the latest generation of Chinese-manufactured EVs, there has been a marked upgrade in not only the build quality but also the post-purchase support with these brands offering some of the most compelling warranties available in the market.
Get to know BYD Automotive
Well recognised as the world's rapidly expanding "new energy vehicle" organization, BYD recently outpaced Tesla in global sales of electrified vehicles. Their variety of models, including Atto 3, Dolphin, Seal, Sealion 6, and the new Shark 6 plug-in hybrid ute, is expanding rapidly in Australia with more on the horizon.
Discover MG Motor
MG, a historical automotive brand purchased by China's SAIC Motor in 2005, made a successful reentry in Australia in 2016. It is now known as the seventh most purchased car brand in the country last year, with its MG ZS SUV standing as the fifth most popular passenger vehicle.
Explore GWM
GWM, also known as Great Wall Motors, was one of the pioneer Chinese brands to hit the market in Australia. They offer a diverse range of vehicles, from Ora electric cars, Haval petrol and plug-in hybrid SUVs, to the Tank range of off-road SUVs and the Cannon Ute line-up.
What is the most affordable electric vehicle on the Australian market?
Small electric vehicles (EVs) have seen an impressive drop in prices, providing consumers with more options than ever before. Both MG and GWM have recently released competitive driveaway pricing for selected EV models, bringing down on-road costs by up to $10,000.
The GWM Ora takes the lead as the most budget-friendly EV in Australia, retailing at $33,990 driveaway. Following closely is BYD's lowest-priced model, the BYD Dolphin Dynamic, with a driveaway price of $39,332.45. The MG4 comes in third with a driveaway price of $41,100. However, MG Australia is currently offering a special deal, pricing the MG4 at $30,990 driveaway, making it a strong contender against its leading competitors.
Seeking the most reasonable prices for the MG EV selection?
MG is persistently asserting its presence in the EV marketplace by presenting attractive on-road prices across its entire EV selection, inclusive of their most potent offering, the MG4 XPOWER compact hatch. This model currently comes with an enticing price tag starting from just $59,866 on-road. An additional $8000 can be trimmed off from this price with MG's existing in-store promotion.
Despite slight price surges for the MG4 with the advent of the 2024 Model Year, regular promotional discounts ensure substantial savings. For those entering the EV domain, the budget-friendly MG4 51kWh Excite MY24 is currently retailing for only $30,990 on-road – a distinct saving of over $10,000 compared to the EV's standard price.
Here are the current on-road prices for the range:
MG4 51kWh Excite MY24 (350km range) - $41,110 on-road
MG4 64kWh Excite MY24 (450km range) - $45,278 on-road
MG4 64kWh Essence MY24 (435km range) - $48,404 on-road
MG4 77kWh Essence Long Range MY24 (530km range) - $54,656 on-road
MG4 XPOWER MY24 (400km range) - $59,866 on-road
Which is the most affordable electric SUV in Australia?
Currently, the most cost-effective electric SUV in Australia is the MG ZS EV. Its pricing starts at $43,299, inclusive of all costs on the road. Additionally, there are exciting offers such as an $8000 discount available for select models.
Prices for different models of MG ZS EV are as follows:
MG ZS EV Excite MY23 (320km range) - $43,299
MG ZS EV Essence MY23 (320km range) - $45,383
MG ZS EV Long Range MY23 (440km range) - $50,593
Moreover, the BYD Atto 3 is another affordable option in the electric SUV segment in Australia. The latest 2024 version comes with improved features and an attractive price start of $47,260.75 after a recent price reduction.
What are the best deals for the GWM Ora EV range?
In response to MG's aggressive pricing, GWM has rolled out major discounts for its GWM Ora compact hatch series.
Here are the prices for the GWM Ora series:
GWM Ora Standard Range (310km range) – $33,990
GWM Ora Extended Range (420km range) – $34,990
GWM Ora GT (400km range) – $41,990
What is the pricing for the BYD Dolphin EV range?
The BYD Dolphin series continues to hold its strong introductory pricing, steadily establishing its presence in the Australian market.
Prices for the BYD Dolphin series are as follows:
BYD Dolphin Dynamic (410km range) - $39,332.45
BYD Dolphin Premium (490km range) - $45,584.45
The Cost-effectiveness ev charger in Australia: