Electric vehicle prices have dropped below $35,000 for the first time in Australia as brands continue to battle for market dominance.
MG launched its latest salvo in a price war on Thursday, unveiling a raft of cost cuts to its electric vehicles, including the MG ZS EV which will become the cheapest in Australia at $34,990.
But the Chinese carmaker is not the only brand to have cut prices on its low-emission vehicles: BYD and Tesla are also offering models at reduced prices.
The price cuts follow a fierce battle between three small electric cars last year and slower growth in battery-powered vehicles in 2024.
Australia’s third most popular electric car brand, MG, has ignited the latest price battle by slashing the cost of its MG4 electric hatchback by up to $3000 and issuing a month-long price cut on its SUV.
The price change, including on-road costs, will make the MG ZS EV the cheapest electric vehicle in Australia to date and represents a reduction of up to $8700 from its previous price.
MG Motor Australia chief executive Peter Ciao said the move was designed to make electric vehicles “attainable” and encourage more drivers to try the company’s technology.
“MG puts customers first by ensuring all road users can access a wide range of affordable zero-emission vehicles,” he said.
MG on Thursday launched its latest salvo in a price war, unveiling a raft of cost cuts on its electric vehicles, including the MG ZS EV (pictured)
Tesla debuted discounted loans on select Model 3 vehicles for the month of August.
Rival brand BYD has also cut prices on two of its Seal sports cars: the premium model starts at $55,798, $3,000 less than its launch price.
Meanwhile, Tesla launched discounted loans on select Model 3 vehicles for the month of August.
The price cuts come as EV growth slows in Australia, with new EV sales up 16.5 per cent in the first six months of the year and accounting for almost eight per cent of all new car sales.