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Demand for low emissions cars, FBT exemption drives PHEV sales boom

NALSPA 2 mins read

A doubling of plug-in hybrid (PHEV) sales over the past year underscores the growing appetite for low emissions vehicles among Australian motorists and the effectiveness of government incentives, according to Australia’s peak body for novated leasing, NALSPA.

 

The latest figures from the Federal Chamber of Automotive Industries reveal:

 

  • In the first half of 2024, PHEV sales were up nearly 130 per cent compared to the same period a year earlier, with regular hybrid vehicle sales up by about 113 per cent
  • PHEVs comprised 17 per cent of all electrified passenger and SUV sales last month, up from 6.6 per cent in June 2023
  • PHEVs represent nearly 22 per cent of electrified SUV sales for the year to date, up from 10.6 per cent in the first half of 2023.

 

National Automotive Leasing and Salary Packaging Association’s chief executive Rohan Martin said plug-in hybrids are an important low emissions vehicle type in Australia.

 

“Australians want to reduce their carbon footprint and their vehicle running costs, but for many making the transition to a full EV is not an option that suits their transport, lifestyle or work needs, especially for those living in regional Australia,” Mr Martin said.

 

“The federal government’s fringe-benefit tax exemption on novated leases is opening the door to these Australians to consider and choose a plug-in hybrid model.

 

“Plug-in hybrids allow drivers the option to effectively drive in an EV for most of their day-to-day shorter trips, while retaining the ability to utilise efficient petrol or diesel engines for longer journeys or as necessary to re-charge the battery. We are also seeing swift advancements in electrified vehicle technology with the growing and future introduction of super-hybrid and range extender PHEVs which further reduce the emissions and electric-only driving range of such vehicles. 

 

“The overwhelming feedback we are getting from our members and their customers is that the FBT exemption is undoubtedly driving Australians across metropolitan and regional locations to get behind the wheel of PHEVs. For many, the FBT exemption makes PHEVs more attractive than their traditional combustion engine equivalent models, especially when reducing emissions is a key consideration.

 

“PHEVs are offered in a growing range of SUV and pick-up models in particular, which we know are extremely popular in the Australian market. This range will be expanded in the near future with introduction of new PHEV pick-ups including the Ford Ranger, BYD Shark and Mitsubishi Triton. 

 

“Every PHEV purchased drives down Australia’s total transport emissions and that’s critical for our journey to net zero.

 

“We expect to see plenty more PHEVs flying off the lot this year, and we expect that trend will continue for as long as the FBT exemption remains in place.”

 

Media contact: Sofie Wainwright 0403 920 301

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