Electric car prices in Australia have dropped once again, with a Chinese automaker reducing the cost of the country’s cheapest battery-powered vehicle by thousands of dollars.
GWM made the announcement on Thursday, slashing the price of its Ora electric hatchback and sparking a price war with MG and BYD, who also offer electric cars for under $40,000.
Industry experts believe this move signifies that electric vehicles could become more affordable sooner than expected, as more Australians are embracing low-emission cars.
GWM stated that the price reduction is a result of increasing sales momentum in Australia, and the company is dedicated to selling more low-emission vehicles.
The new on-road price of the GWM Ora is $35,990, making it the most affordable electric vehicle currently available in Australia.
This price cut follows MG’s recent announcement of reducing the costs of its electric vehicle range, demonstrating support for the government’s proposed emission rules.
BYD also offers an electric vehicle for under $40,000 in Australia, but has not responded to the latest price cuts from competitors.
According to Electric Vehicle Council chief executive Behyad Jafari, these price reductions show that the government’s fuel-efficiency standard is already influencing the market.
The latest data from the Federal Chamber of Automotive Industries indicates that electric vehicles accounted for 9.5% of all new car sales in March, up from 6.8% in 2023.
MG is leading the sub-$40,000 electric car market, selling more models than BYD and GWM, as the price war among electric car manufacturers continues.
