EV sales grow as Australians have ‘had enough with the volatility of oil prices’
Rising petrol prices amid the Iran war have accelerated have accelerated the surprising shift.
Electric vehicles have continued to gain ground on the Australian car market as petrol prices continue to burn holes in wallets.
Sales figures released by the Federal Chamber of Automotive Industries (FCAI) have revealed battery EVs made up 23.1 per cent of new cars sold in October — almost triple the share from October last year.
Increases were measured in every state and territory across the country, with 4050 Tesla sales signalling a 342 per cent rise from the year prior.
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By continuing you agree to our Terms and Privacy Policy.“The numbers are stark,” NRMA Head of Media Peter Khoury told 7NEWS.com.au.
“This time last year EV sales were 7.3 per cent of new cars, so that as a percentage share has tripled which is quite remarkable.
“And the flip side to that is that petrol and diesel sales are falling, so we’re continuing to see the trend really take off.”
While the trend has been slowly growing over the past decade, Khoury said it has accelerated as fuel prices skyrocketed due to the war in Iran disrupting global supplies.
“I think Australians largely just had enough with the volatility of oil prices,” he said, but noted that Australians were “always going to start to make that trend”.
Khoury added the availability of charging networks and the falling price and increasing efficiency of EVs were also influencing the spike in sales.
Continued advancements alongside the tendency for Australians to keep their car for about a decade means electric vehicle sales will only continue to grow even if petrol prices were to plummet.
“In July, a culmination of falling oil prices as a result of a 60-day ceasefire coupled with the government cutting the excise in half meant that for a period of time we were paying less than what we actually were when the war started,” Khoury said.
“Throughout that whole period, we’ve consistently seen EV sales increasing.
“So, is everyone going to rush out and buy a petrol car or diesel car if they declared the Iran war over tomorrow? It’s unlikely.
“Given the ranges and choices that are available to Australians now, more and more Australians are seeing it as a better option.”
It comes after the Q3 figures for light vehicle sales revealed the combined sales of electric and hybrid vehicles had overtaken petrol and diesel cars.
While Toyotas are still the most popular car brand, Chinese EV brand BYD rose above Kia, Ford and Mazda to rank second.
Originally published on 7NEWS
