June 10th 2024.
Australia has seen a significant increase in the number of electric vehicles being imported from China in recent years, surpassing the demand for locally-made Ford and Holden cars. According to Federal Chamber of Automotive Industries chief executive Tony Weber, China has now become the third largest source of vehicles sold in Australia.
During an interview with 9News finance editor Chris Kohler, Weber revealed that over 80% of electric vehicles sold in Australia this year were made in China. This trend has been beneficial for Australian consumers as it has provided them with more options and has also led to a decrease in prices due to increased competition.
Weber explained that the Australian market is incredibly open with minimal tariffs and non-tariff barriers, allowing consumers to access high-quality products from around the world at lower prices. For instance, a BYD Seal, which is sold for approximately $50,000 in Australia, would cost around $90,000 in European countries.
The increase in electric vehicles is not the only shift in the Australian automotive market. Weber also noted a rise in the popularity of hybrid and plug-in hybrid vehicles, making up 24% of all vehicles sold. This shift towards more fuel-efficient options is not only beneficial for consumers, but also for the environment.
During a separate interview, Drive director of content James Ward highlighted that several new car brands have announced their plans to enter the Australian market in the past month. He described this as an "unprecedented" event in the Australian automotive industry.
Ward also stated that the Australian car market is already highly competitive and uncomplicated, but the addition of these new brands will further intensify the competition. Seven new brands have announced their intentions to sell cars in Australia by the end of 2024 or early 2025.
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