The number of Australians planning to buy an electric vehicle (EV) has jumped more than 1,200% over the last four years, according to new data from Roy Morgan.
More than half a million Aussies – 12.5% of those looking to buy a new car in the coming four years – have their eye on a battery-powered vehicle.
Roy Morgan made the findings after interviewing an annual average of 7,994 Australians expecting to join the car market in the coming four years.
This comes as the Federal Chamber of Automotive Industries data showed electric-vehicle market share as grown to 7%.
Tesla brand drives EV interest
The largest driver of the leap is the growing popularity of the Tesla brand, according to Roy Morgan CEO Michele Levine.
“The surge in interest has led to a similar surge in sales,” she said.
“The official VFACTS sales data so far in 2023 shows Tesla is now the sixth highest selling brand in Australia behind five well-established Asian vehicle manufacturers – Toyota, Mazda, Mitsubishi, Hyundai, and Kia.”
The Tesla Model Y was Australia’s third best-selling vehicle last month. Meanwhile, EVs in general made up 7.7% of sales.
Of the 548,000 Aussies Roy Morgan found to be in the market for an EV, only 369,000 are set on purchasing a Tesla.
“This gap, which didn’t exist three years ago, shows that as other manufacturers such as BMW, Mercedes, Volvo, BYD and MG launch competing electric vehicle brands there is an increasing market for these vehicles to tap into,” Ms Levine said.
Australia’s most affordable EV to hit shores soon
It comes as Australia gears up for the introduction of the country’s cheapest EV.
An Aussie buying a new MG4 Excite 51 will cost $38,990, plus on road costs.
“Australians are doing it tough amid cost of living pressures, I know they are feeling those rising pressures at supermarkets, when they’re buying fuel, when they’re paying their energy bills," said Peter Ciao, MG Motor Australia and New Zealand CEO.
“Like I did when I launched the ZS EV, and as MG has done with our other models, we are creating affordable and accessible cars and the MG4 is helping Aussies get into an electric vehicle sooner than later.”
Deliveries of the hatchback will begin in August.
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