The EV market in October 2023 was buoyed by strong sales of fully electric hatchbacks, and overall numbers of EVs were similar to the previous month. MG was this month’s most popular brand of fully electric vehicle.
October 2023 EV Market
In October 2023, 3,783 plug-in vehicles (EVs) were registered.
• This included 2,617 Battery Electric Vehicles (BEVs) and 1,166 Plug-in Hybrid EVs (PHEVs).
• 29.6% of new passenger cars were EVs.
• 17.1% of all light vehicles were EVs (including commercial vehicles and used imports).
Total light EVs now on the road: 92,870 (estimated).
Best-selling BEVs in October
The MG 4 hatchback was this month’s bestseller, delivering 357 vehicles. Despite being available for just three months, the MG 4 has almost outsold the Tesla Model 3 in 2023. Nissan had its most successful month of new car sales, with the Leaf in 3rd place. The new large 7-seater Kia EV9 saw its first registrations, with 42 units.
Company vs. Individual Purchases
So far, in 2023, 55% of all new battery electric vehicles were registered to individuals.
Nearly 39% were registered to companies (up 5% from 2022). The remainder (“other”) are most likely government registrations. There’s room to move here; in the combustion market (petrol and diesel powertrains), 58% of passenger cars were registered to companies in 2023.
New models announced
Volvo EX30
The EX30 is a compact SUV – the brand’s smallest SUV to date. Prices and specifications have been announced, with deliveries beginning in April 2024. The base rear-wheel drive model (with 476 km range) is priced at $74,990.
A twin motor variation boasts a super quick 0 to 100 km/h time of 3.6 seconds (making it the fastest EV in NZ for under $100,000).
MG 4 XPower
The XPower is a high-performance version of the popular new MG 4 hatchback.
Retailing at $69,990, its dual motor offers 320 kW of power, 400 km range, and a 0-100 km/h time of 3.8 seconds.
BYD Seal
The Seal is the third fully electric vehicle from BYD. The sedan comes in three variants and will begin delivery to customers in early 2024).
The rear-wheel-drive Seal Dynamic has 460 km of range and is priced at $62,990. The Seal Premium is a long-range variant with an 82 kWh battery, boasting an impressive 570 km range. It’s priced at $72,990.
The all-wheel-drive Seal Performance is priced at $83,990 (520 km range, 0-100 km/h in 3.8 seconds).
The outlook: what’s next?
The upcoming changes to the clean car discount are poised to have a significant impact on the vehicle market. Some buyers who were considering purchasing petrol or diesel vehicles might choose to postpone their purchases until 2024 to take advantage of the cost-saving opportunities, which could lead to a temporary shift in market dynamics away from electric vehicles.
Once this initial adjustment period passes, the market may stablise. Despite facing challenges such as high inflation and interest rates, the sales of new cars in 2023 have remained resilient, being only about 7% lower compared to 2022.
While premium electric vehicles have been available for some time, the prices of entry-level electric cars have been steadily decreasing. This means that the advantages of owning an affordable electric car, including reduced running costs, will continue to make them an appealing and accessible choice for consumers.
