THE EV SALES BOOM IS DEAD

EV Channels Review

The EV sales boom in Australia is not what it seems, according to auto expert John Cadogan. He argues that the narrative of widespread EV adoption, particularly in regional and outer suburbs, is largely manufactured by lobby groups like NELPA, which benefit from government incentives like the FBT exemption on novated leases. Cadogan presents data suggesting that while plug-in hybrid sales are up, pure battery EV sales are stagnating, with significant price drops on popular models like the Tesla Model Y failing to boost sales. He criticizes the conflation of EV and plug-in hybrid figures to inflate adoption numbers and highlights that affluent buyers and inner-city dwellers are still the primary demographic for new EVs. Furthermore, Cadogan warns of potential financial pitfalls for consumers entering novated leases, especially with Tesla's aggressive price reductions impacting resale values. He advises caution and thorough research into vehicle depreciation, recommending brands with more stable pricing like Kia and Hyundai for those considering an EV.