EV sales in Australia showed a slight improvement in numbers in May 2024, but the penetration rate holds steady at about 8%.
EV sales in Australia showed a slight improvement in May. Although, the battery electric vehicle penetration of the market remained steady at approximately 8% in May in a rising market for all vehicles. There were 8,974 BEV sales, a big improvement on April and also greater than May 2023 . So, even though the penetration rate is static, the numbers are improving. Over 111,000 vehicles were sold in the market in total. The largest growth area was mild hybrids.
If we add the numbers for full BEVs and potential electric drivers of PHEVs, we come to a total of 10,347, still falling shy of the peaks of February and March of this year.Tesla Model 3 — 1,958 sold in May BYD Seal — 1,002 sold in May BMW i4 — 198 sold in May Mercedes Benz EQA — 172 sold in Maythere is very little change in the participants. Just off the top ten, it is worth mentioning the GWM ORA benefitting from a massive price cut to score 116 sales in May.
The current price war in the EV marketplace is benefitting BYD, though, with Tesla losing market share — currently down to 40%. Tesla has, in the past, regularly had 60% of the BEV market share. As BYD launches more models into the Australian market, expect Tesla’s market share to be eroded further. The market is eagerly awaiting the competitively priced Seagull .
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