The future of EV ownership in Australia

The electrification of Australia’s transport is coming along, albeit slowly. During 2023, 98,436 new electric vehicles were sold in Australia, making up 8.45% of all new cars. In February 2024, total EV sales exceeded 10% market share – the first time this has happened Down Under. Australia is a continental nation – and despite having seven major capital cities on the mainland, much of Australia is sparsely populated. So what does this mean for EV ownership in Australia, especially making the case for a total transition?

Lowering the barrier to entry

Many of the new EVs available in Australia now have list prices comparable to petrol or diesel engine vehicles, especially in the popular SUV and light car categories. The BYD Dolphin is Australia’s cheapest electric car as of June 2024, with a list price starting from $38,890. The next four pricier models all begin at $39,990 and feature up-to-date safety and entertainment features, as well as exceptional battery range.

As “fuelling” these cars may save $80-$120 per month compared to petrol, and maintenance being two thirds cheaper than petrol cars, the value proposition of buying electric looks even better. The next hurdle is addressing range anxiety.

Fast charging becomes mainstream

Range anxiety is the worry that an electric vehicle will run out of power mid-way between a charging station and your destination. With ranges of 400km+ being the norm, suburban drivers may experience a week or more between charges. With spending into infrastructure, range anxiety may soon be forgotten.

Fast charging and home charging are now becoming mainstream, with the latter being a common after-market option for residential properties and attraction points for would be apartment renters or buyers. Smart EV charging also helps solve the problem of load balancing and grid integration, ensuring there is enough power for everyone. Vehicle 2 Home and Vehicle 2 Grid tech also means a car can also be used as a solar battery, which further increases the utility of an EV over a petrol vehicle.

Green loans and incentives

Governments at the State and Federal level are incentivising or “nudging” consumers to buy EVs over petrol or diesel cars. These may be in the form of cheaper registration, tax breaks, subsidies, and offering green or zero-emissions car loans. These loans feature discounted rates or fees for the purchase of a low or zero-emissions car, which saves even more money for buyers in the short- and long-term. Coupled with home charging through solar panels, it can make EV ownership even more attractive. New emissions standards may also encourage people to go electric, especially in the light commercial category.

More models available

This is spurred on by light commercial vehicles such as vans and utes are becoming more available in Australia. Utes are always in demand, and some electric utes such as the JAC T9, the LDV Maxus GST, the Geely RADAR RD6, and the infamous Tesla Cybertruck available for purchase throughout 2024 and 2025. Cheaper prices, more choice, and better infrastructure means the future is bright for EVs in Australia.