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Shark 6 plug-in hybrid ute prices will remain steady at mid-level Toyota diesel money for the immediate future, BYD says, as the end of a lucrative tax exemption looms.
BYD Australia has admitted it is holding off calls from head office to increase the price of the 2025 BYD Shark 6 plug-in hybrid ute after 5500 orders were taken before anyone had taken delivery.
The Shark 6 made waves when it went on sale last year with a long list of standard equipment – and costly plug-in hybrid tech – yet an RRP comparable to middle-of-the-range diesel utes from Ford and Toyota, of $57,900 plus on-road costs.
David Smitherman, CEO of BYD’s Australian distributor EVDirect, told Drive head office wants the importer to push up the price, likely spurred on by the high demand for the ute.
“I think we're under pressure to put the price up, that's for sure,” he said.
“But at this point we're trying to hold that, and that's not easy – it does put pressure on the business, absolutely. So yeah, I think there's certainly some pressure.”
Asked if the Shark 6 is profitable at $57,900 plus on-road costs, he replied: “Yeah.”
He said BYD Australia is holding firm on the price to keep interest high towards the end of the financial year, typically a strong part of the year for ute sales.
“Yes, yes, yes [we can hold off the pressure from HQ]. It’s not easy though,” Smitherman told Drive.
“We want to push really hard this product into quarter two, so we're really keen to just keep pushing hard into the market towards the end of the financial year.”
But before it can reach June 30, the Shark 6 and other plug-in hybrids face a different headwind – the end of the lucrative Fringe Benefits Tax (FBT) exemption on PHEVs purchased through novated leases after March 31, 2025.
Novated-leasing customers who sign a contract of sale from April 1 could stand to pay as much as 50 per cent more for their new PHEV, such is the significance of the tax break.
Drive has seen dozens of posts in social media groups from Shark 6 customers who say they would not be able to afford the vehicle without the FBT exemption.
Port delays in the early weeks of 2025 – and the resulting backlog in arrivals it caused, as ships could not return to their home ports to pick up more cars – have pushed some customers close to missing the deadline.
“We're working really hard to meet that demand because it's exceptionally high,” said Smitherman when asked how the FBT exemption could hurt sales of BYD’s PHEVs, including the Shark 6.
“I'd expect there'd be some slowdown, I guess. But that's where we've got to just build the awareness for Shark because I think it's better than that.”
He estimated about 30 per cent of Shark 6 customers are purchasing through a novated lease, but he cautioned he did not have “the hard facts” on hand at the time of Drive’s interview.
“But I feel as though, at the moment, we're not selling any fleet cars. We'll have ANCAP five [star safety] in a couple of weeks, and I think that will almost negate that issue.”
Alex Misoyannis has been writing about cars since 2017, when he started his own website, Redline. He contributed for Drive in 2018, before joining CarAdvice in 2019, becoming a regular contributing journalist within the news team in 2020. Cars have played a central role throughout Alex’s life, from flicking through car magazines at a young age, to growing up around performance vehicles in a car-loving family. Highly Commended - Young Writer of the Year 2024 (Under 30) Rising Star Journalist, 2024 Winner Scoop of The Year - 2024 Winner
