Yahoo Finance Top selling EV in Australia revealed as Tesla wipes $13,000 off prices: ‘Shameful’
Tesla has been named the best-selling EV in Australia but it is facing stiff competition from Chinese-giant BYD.
Tesla has retained its crown as the top-selling electric vehicle (EV) in Australia, despite sales dramatically dropping. The EV market is continuing to face headwinds, with Chinese-owned BYD proving to be stiff competition for the US giant.
The Tesla Model Y remains the best-selling EV in Australia, fresh data from the Federal Chamber of Automotive Industries (FCAI) and the Electric Vehicle Council found. Tesla accounts for more than two in five EV sales in the country, with the Model 3 the second most popular model in the country.
The US company has dropped the price of its Model Y in Australia three times since March, with the model now $55,900 before on-road costs. That's a $13,000 discount from last year.
RELATED
Tesla driver hits back at electric car fears as family converts to EVs: ‘Even mum got a BYD’
Boomer sick leave rule Aussie workers no longer follow: ‘Rude’
Major revolt against Australia's cashless revolution as threats of one-star reviews emerge
Overall, electric car sales are down 15 per cent over the past four months, following a year-on-year decline of 27.2 per cent.
Tesla led the drop in sales, with deliveries down 48.8 per cent compared to September 2023 and 19.1 per cent in the year to date.
BYD, who nabbed three spots in the top 10 best-sellers list, has seen its sales climb by 160.1 per cent compared to September 2023.
FCAI chief executive Tony Weber said September was another “disappointing” month for sales of battery EVs.
“This is in spite of a strong supply of EVs and the addition of a number of new brands and models being introduced into the Australian market,” Weber said.
“It is important to note that right now EVs are concentrated in limited market segments such as Passenger Medium and Small and Medium SUVs.”
In comparison, sales of hybrids were up 34.4 per cent, while plug-in hybrids were up 89.9 per cent compared to September 2023.
“This trend in lower EV sales and increased hybrid and plug-in hybrids is reflected in markets across the world as production and purchase incentives are being wound back,” Weber said.
CarExpert.com.au founder Paul Maric has echoed the sentiment after Queensland removed its generous $6,000 rebate last month.
"I think that once the governments start pulling back on incentives, we're going to start seeing the demand drop and these vehicles will reduce because they're not the same cost as an internal combustion car," he told Yahoo Finance.
Top 10 best-selling electric vehicles from January to September 2024
Tesla Model Y - 16,697
Tesla Model 3 - 14,053
BYD Seal - 5,308
BYD Atto 3 - 4,926
MG 4 - 3,772
BMW iX1 - 1,948
BYD Dolphin - 1,740
Volvo EX30 - 1,697
BMW i4 - 1,592
Kia EV6 - 1,288
Tesla lashed over 'disruptive' price drops
Tesla has come under fire for its recent price drops. Nissan Australia boss Andrew Humberstone has slammed Tesla over its “shameful” and “disruptive” price drops this year.
“I think it’s a risk to the business. I think it’s a risk to the market. I think it’s irresponsible,” Humberstone told CarExpert.com.au.
Humberstone said some customers who bought an EV a year earlier at a higher price would have lost up to 40 per cent of their car’s value “overnight”.
“People have worked hard, part of the culture of this country is hard-working Australians that have made this country what it is today,” he said.
“They got out there and they work, they do their job, and then they lose 40 per cent of the value of their product overnight?'
Other carmakers including Keep, Peugeot and Polestar have also slashed prices on their EVs following Tesla’s price cuts.
MG cut the price of its entry-level MG4 hatchhatch to $30,990 until the end of October, slashing $8,000 off its recommended price. The move makes it the cheapest EV in the country.
Get the latest Yahoo Finance news - follow us on Facebook, LinkedIn and Instagram.
