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.


In the market for a new car? The table below features green car loans with some of the lowest interest rates on the market for low-emissions vehicles.


FixedNew1 yearMore details
Approval within 24 hours
  • Save the planet. Save thousands on your car loan.
  • Get a discounted rate if you buy electric
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
Approval within 24 hours

Green Car Loan Fixed

  • Save the planet. Save thousands on your car loan.
  • Get a discounted rate if you buy electric
  • Required: Good credit history, stable employment history. Aus citizenship or PR.
FixedNew, Used7 yearsMore details

Hybrid and Electric Car Loan

    VariableNew99 yearsMore details

    Green Car Loan

      VariableNew99 yearsMore details

      Electric Vehicle Loan-New Car Loan

        FixedNew, Used3 yearsMore details

        Green Fixed Rate Car Loan

          Important Information and Comparison Rate Warning

          All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

          The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

          Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of May 21, 2024. View disclaimer.