Prices of electric vehicles have come down drastically in the last 12 months, and some models are now cheaper than segment leaders.
Electric Cars
Electric vehicles (EVs) have long had a price premium due to the cost of manufacturing their batteries, but now – for the first time – tailpipe emissions-free nameplates have come down to match petrol offerings.
While the MG 4 was among the first to drop its price last year, offered with a significantly reduced price of $30,990 drive-away for a limited time from September – matching, or even undercutting, similarly-sized models like the Toyota Corolla, Mazda 3, Volkswagen Golf and more – it is only now where a mid-size electric SUV has done the same.
BYD has also come to the table this year, offering Essential grades of its Dolphin hatchback and Atto 3 small SUV, priced under $30,000 and $40,000 respectively.
Of course, there is always the Tesla Model 3, priced from $54,900 plus on-road costs, and BYD Seal, now from $46,990, for those after a traditional four-door sedan.
This gives buyers an all-electric choice in the small SUV, mid-size SUV, mid-size sedan, and small hatchback segments priced around or under rivals with petrol engines.
And while some of these all-electric offerings don't start under segment-leading models, they are close.
So close in fact, that when you start to move up the variant tree to get features you want, a base EV could be more affordable and still have the desirable features you are after.
For reference, those four aforementioned segments of the market accounted for 467,062 sales out of a total of 1,237,287 last year, or around 38 per cent of the overall market.
Of course, electric options in the large SUV segment, off-road SUV market, and one-tonne ute category are still lagging behind petrol and diesel choices on price, due to all-electric models of that ilk being harder to justify in their use cases.
But with the market maturing, it might only be a matter of time before we see affordable, all-electric options pop up everywhere.
Price | Engine | Power/Torque | |
BYD Dolphin | $29,990 | Single electric motor | 70kW/180Nm |
Toyota Corolla | $32,110 | 1.8-litre petrol four-cylinder hybrid | 103kW |
Price | Engine | Power/Torque | |
BYD Seal | $46,990 | Single electric motor | 150kW/310Nm |
Toyota Camry | $39,990 | 2.5-litre petrol four-cylinder hybrid | 170kW |
Price | Engine | Power/Torque | |
BYD Atto 3 | $39,990 | Single electric motor | 150kW/310Nm |
Hyundai Kona | $32,500 | 2.0-litre petrol four-cylinder | 110kW/180Nm |
Price | Engine | Power/Torque | |
Geely EX5 | $40,990 | Single electric motor | 160kW/320Nm |
Toyota RAV4 | $42,260 | 2.5-litre petrol four-cylinder hybrid | 160kW |
Electric Cars Guide
Tung Nguyen has been in the automotive journalism industry for over a decade, cutting his teeth at various publications before finding himself at Drive in 2024. With experience in news, feature, review, and advice writing, as well as video presentation skills, Tung is a do-it-all content creator. Tung’s love of cars first started as a child watching Transformers on Saturday mornings, as well as countless hours on PlayStation’s Gran Turismo, meaning his dream car is a Nissan GT-R, with a Liberty Walk widebody kit, of course.