Electric vehicle prices in Australia have fallen below $35,000 for the first time as brands continue to fight for market dominance.
MG launched the latest salvo in a price war on Thursday by announcing a raft of cost cuts on its electric vehicles, including the MG ZS EV, which at $34,990 becomes the cheapest in Australia.
But the Chinese automaker isn’t the only brand cutting prices on low-emission vehicles. BYD and Tesla are also offering models at discounted prices.
The price cuts come after a fierce battle between three small electric cars last year and slower growth of battery-powered cars in 2024.
MG, Australia’s third-most popular electric car brand, has kicked off the latest price war by shaving a whopping $3,000 off the price of its MG4 electric hatchback and offering a month-long price cut on its SUV.
The price change, including on-road costs, makes the MG ZS EV the cheapest electric vehicle in Australia to date, with the price dropping by a whopping $8700 from its previous price.
MG Motor Australia CEO Peter Ciao said the move is aimed at making electric vehicles “viable” and encouraging more drivers to try out the company’s technology.
“MG puts the customer first by ensuring all road users have access to a wide range of affordable, zero-emission vehicles,” he said.
MG launched the latest salvo in a price war on Thursday by unveiling a raft of cost cuts on its electric vehicles, including the MG ZS EV (pictured)
Tesla introduced discounted loans on some Model 3 vehicles in August.
Rival brand BYD has also lowered the prices of two of its Seal sports cars. The premium model starts at $55,798, which is $3,000 lower than the introductory price.
Meanwhile, Tesla introduced discounted loans on some Model 3 vehicles in August.
The price cuts come as growth in electric vehicles in Australia is slowing. In the first six months of the year, sales of new electric cars rose by 16.5 per cent and accounted for almost eight per cent of all new car sales.
