Australia set to surpass electric vehicle milestone with new options to come in 2023

electric car options from above 2023 australia

New estimates from the Electric Vehicle Council of Australia have projected that with an estimated 83,000 electric cars on the road, Australia is set to soon pass the major milestone of 100,000 electric vehicles. 

In their latest Industry Recap for 2022, the Electric Vehicle Council (EVC) have tracked the 86% increase in electric vehicle purchase rates, which now comprise 3.8% of new cars purchased nationwide. 

While 100,000 vehicles will be a significant figure, Australia will need to speed up considerably to overcome our lagging status worldwide and move towards the federal goal of net zero emissions by 2050.

New electric vehicles to the car market could expand options

There have been several factors contributing to the slow uptake of electric vehicles in Australia. Commonly cited are the higher price point of electric vehicles (especially given the lack of second-hand market), the lack of infrastructure, and the limited availability and range of electric vehicles in Australia.

While support and charging infrastructure is an ongoing issue, growing supply of EVs to Australia has definitely increased uptake - and will presumably continue to do so. 

Showcasing this shift, 2022 saw a total of 70 different EVs available in the Australian market (including both battery electric vehicles and plug-in hybrid electric vehicles). This is a significant lift on the 31 available to Aussies in 2021. 

This has also shifted the purchase price of electric vehicles, with two of the top 5 EV models purchased in 2022 sitting around the $50,000 mark (the BYD Atto 3 and the MG HS PHEV). The remainder of the top 5 most popular EV models for 2022 all come in beneath the $70,000 line, with the Tesla Model 3 and Tesla Model Y taking out the first two spots and the Polestar 2 rounding out fifth place. 

This year could be an exciting year to shake up the electric vehicle market, if you’ve been waiting for the right car to get you into gear. Predicted to potentially enter the EV market in 2023 are:

  • Hyundai Ioniq 6
  • MG 4
  • BYD Dolphin 
  • BYD Seal
  • Polestar 3
  • Audi e-tron GT
  • BMW iX1
  • Fiat 500e
  • Genesis GV60
  • Jaguar I-Pace SUV
  • Lexus RZ
  • Cupra Born
  • GMW Ora
  • Peugeot e-208
  • Kia EV9
  • Toyota bZ4X
  • Subaru Solterra

Are we really that interested in electric vehicles?

Though EV options are expanding in Australia (and supply is finally starting to return to normal), it’s easy to feel as though the demand for electric cars is being exaggerated. After all, 3.8% of new car purchases is still a fairly small percentage when compared to the global average of 12-14%. 

It seems as though the 86% rate of growth is far more indicative of interest in green cars.

Not only are more people buying electric cars, but more people are interested in trying them out. While only 3.8% of new cars purchased in Australia are electric, 15% of cars rented on car-sharing platform Turo are fully electric – and a further 7% are hybrid vehicles. 

Electric vehicles now outsell manual transmission cars in Australia, according to Federal Chamber of Automotive Industries figures in Drive. In the same way as we’ve abandoned the long-held norm of manual cars, we could be edging closer to a future where electric cars dominate.

Get yourself on the road in an electric car with one of the best car loans.

Car loan comparisons on Mozo - last updated 23 May 2024

Search promoted car loans below or do a full Mozo database search. Advertiser disclosure
  • Used Car Loan

    Fixed, Secured, No vehicle age limit

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured used car loan of up to $75,000 depending on your credit score. No vehicle age limits. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Details
  • Car Loan

    Up to 7 years old, Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.49% p.a.
    6.84% p.a.based on $30,000
    over 5 years

    Purchase or refinance a new or used car, caravan or motorbike, up to 7 years old. Fixed rate with terms from 1 to 7 years. Make additional payments and free redraw. No early payout penalties. No monthly fees. Quick start application in less than 5 minutes online.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.49% would cost $35,460.64 including fees.

    Compare
    Details
  • New Car Loan

    Fixed, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.57% p.a.to 18.99% p.a.
    7.19% p.a.to 21.78% p.a.based on $30,000
    over 5 years

    Get a competitive fixed interest rate on a secured new car loan of up to $75,000 depending on your credit score. Easy online application. Fast pre-approval. Pre-approved funds held for up to 3 months. No monthly account keeping fees, no exit fees and no early repayment fees. Flexible weekly, fortnightly or monthly repayments on terms from 1 to 7 years.

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 6.57% would cost $35,528.12 including fees.

    Compare
    Details
  • New Car Loan - Special

    Home Owner Discount, Including Demo, Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    6.24% p.a.
    7.36% p.a.based on $30,000
    over 5 years

    Low variable car loan rate for purchasing new and demo vehicles from dealers. Personalised loan amounts between $5,000 and $150,000. Flexible repayment options. Choose between the 3 to 7 year loan terms. Good credit history. Stable employment history and Australian citizenship or PR required.

    Repayment terms from 3 years to 7 years. Representative example: a 5 year $30,000 loan at 6.24% would cost $35,880.27 including fees.

    Compare
    Details
  • Any Age Car Loan

    Variable, Secured

    Interest rate
    comparison rate
    Monthly repayment
    10.69% p.a.
    10.97% p.a.based on $30,000
    over 5 years

    Repayment terms from 1 year to 7 years. Representative example: a 5 year $30,000 loan at 10.69% would cost $39,053.66 including fees.

    Compare
    Details