Electric vehicle sales are up: What Australians need to make the switch

Australia’s automotive industry saw car sales grow month-on-month for March, with battery electric vehicle and plug-in-hybrid sales continuing to increase, according to the Federal Chamber of Automotive Industries (FCAI).  

But the FCAI states that there’s still a gap in infrastructure and fuel efficiency standards that must be addressed before more Australians make the switch to sustainable vehicles. 

The latest FCAI data shows that the sale of battery electric vehicles increased by 19.5% year-on-year for March 2023. Plug-in-hybrid sales also increased by 33.3% in the same period.  

 FCAI Chief Executive Tony Weber said that this growth illustrates that “where Australians can afford a battery electric vehicle which suits their lifestyle, they will buy them”. 

“The consumer preference for utes and SUVs is an important factor to consider as we journey to a zero-emission light vehicle fleet because these vehicles are more difficult and expensive to electrify,” said Mr Webber.

“If we want more zero and low emission vehicles on our roads, then we must provide the necessary recharging infrastructure and move to implement an ambitious yet achievable fuel efficiency standard which will encourage manufacturers to allocate more of the limited supply to Australia,” he said. 

State governments to help solve range anxiety

While fuel efficiency standards may be on the horizon, recharging infrastructure is already being addressed on a state level.  

Our state governments are rolling out a number of initiatives designed to overcome ‘range anxiety’ - aka the lack of recharging infrastructure available and the vast distances between urban centres in Australia.  

For example, New South Wales is investing $149 million to develop a world-class fast charging network under the NSW Electric Vehicle Strategy. The goal of this is to expand existing public infrastructure across the state, starting with a roll out of widespread fast charging. Further, a multi-million dollar program will see an estimated 3,500 EV chargers installed across regional locations like motels, wineries, and museums in NSW. 

Further, last year Western Australia’s state government announced a $22.6 million commitment to increase EV charging infrastructure across the state, creating an “electric highway”. This will see $2.9 million put towards eight new charging stations across four locations on a section of National Highway 1, to link WA’s electric highway to South Australia.

Funding your electric vehicle purchase

If you’re contemplating switching to a sustainable vehicle in April, you may be considering taking out a car loan to help finance this purchase. Make the car loan search a little easier by comparing some of RateCity’s top-rated green car loan options.

It’s no secret that the upfront price tag of a sustainable vehicle can be costly. But did you know that green car loan lenders typically offer discounted interest rates to eligible customers? This is in an effort to reward customers like you for making more sustainable choices. 

To easily compare car loan options, RateCity has ranked the top-rated car loans on our Leaderboard page, using our comprehensive, Real Time Ratings™ system.

Real Time Ratings™ gives each car loan a score out of five, based on cost and flexibility. But unlike other ratings systems that rank their products once or twice a year, our Real Time Ratings™ system ranks products live as you use the site, helping you make a more relevant short list.

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