EV models on the rise

EVs
Car makers set to release dozens of new models over the next 12 months.
Kia Ev6 car
this is a caption ndsdjnfsdjndsfds

A surge in electric vehicle (EV) numbers is tipped to hit the Australian new car market in 2022.

The Electric Vehicle Council’s State of Electric Vehicles 2021 report forecast the number of EV models to reach 58 by the end of 2022, up from 31 this year.

“While the supply of new models to market has not shifted significantly in the last 12 months, carmakers are now confirming the upcoming supply of new electric vehicle models into the Australian market,” the report said.

“It is therefore expected that by the end of 2022, Australians will have access to 27 additional electric vehicle models, with a predicted 20 battery electric vehicles and seven plug-in hybrid vehicles entering the market.”

Despite the expected rise in options, the report said Australia was still behind model availability in other markets.

“Drivers in the United Kingdom, for example, already have access to over 130 models and from a much larger variety of vehicle segments,” the report said.

“Most car makers around the world have now made firm public commitments to electrification, including publicly pledging billions of dollars in investment towards electric vehicles over the next few years alone.”

The report said in the first half of 2021, there were 8688 EVs sold in Australia compared with 6900 for the whole of 2020*.

However, sales to the end of June 2021 only represented 1.57% of the light vehicle segment sales.

“Despite growth of electric vehicle sales, Australia still sits significantly behind the rest of the world when it comes to electric vehicle adoption,” the report said.

“Globally, electric vehicles represented 4.2% of light vehicle sales, up from 2.5% in 2019.

“This demonstrates the strength and direction of the automotive market towards electrification.”

The report said with additional models, including some at lower prices, expected in the coming years, EV sales and market share would continue to increase in Australia.

*Sales figures are based on FCAI data and the EVC’s Tesla estimate. Tesla does not disclose local sales figures.

Related topics

  • The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.

    Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the Product Disclosure Statement (PDS) and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.

    Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.

    Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

    RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.