Like most of Australia, Mosman is experiencing an EV boom. There are now over one thousand Full Electric or Hybrid Electric vehicles registered in Mosman. But before the celebrations kick off, internal combustion engine vehicles rule the roost, with over 18,000 registered in the Mosman LGA.
As of the end of July 2023, just over 170,000 cars on NSW roads have some form of electrification in the drivetrain. That number doesn’t sound like much; however, 5,000 EVs per month have been purchased in the past year.
Source: Transport for NSW Registration Snapshot (All other EV makers rolled up into the 99).
Here’s a breakdown of today’s three electrification options for the uninitiated.
Battery Electric (EV) – Cars with 100% battery power, feeding electric motors. EVs are charged from a wall socket, a public EV charger, or via energy regeneration under braking. These are typically cars from Polestar and Tesla, but many other manufacturers now produce EVs.
Plug-In Hybrid Electric (PHEV) – The combination of a regular internal combustion engine (petrol or diesel) and rechargeable battery power connected to electric motors. Batteries are primarily recharged via energy regeneration under braking or from a wall socket. PHEV vehicles cannot be recharged at public EV chargers. Most car makers have at least one PHEV model today. Volvo, Mitsubishi and BMW are the market leaders.
Hybrid Electric (HEV) – Much like the PHEV, the Hybrid Electric vehicle combines regular internal combustion and batteries powering electric motors. The only difference with the Hybrid Electric Vehicle is that they cannot be recharged externally. Toyota is the leader in this segment with models such as the ageing Prius and Camry.
EVs are costly to make. For manufacturers such as Hyundai, Volvo and Volkswagen, tooling up new and existing factories for EV production is eye-wateringly expensive. So, too, are the batteries and the electric motors going into their dynamic new models. As a result, an EV version of the same petrol model attracts quite a premium.
For example, with a few must-have options, the brilliant new BMW X1 xDrive20i will cost you $85,820 drive-away. The BMW iX1 EV with the same options selected is $98,357, according to the Mosman BMW website.
The BMW iX1 EV can be purchased with “must-have” options for $98,357.
Over at Genesis, things are a little more dramatic. The Genesis GV70 2.5T petrol AWD SUV with the Luxury pack is $90,843 drive-away. The GV70 Electric version with the same options is the better part of $145,000! That said, the Electrified GV70 is a beautiful car – worth every cent.
If you are in the market for an EV, now is the time to act, reports Mike Boyd.
If you’d like to dive deeper into the EV pool, the team at Which Car has compiled a brilliant EV Market Pricing Report if you’re unsure what’s on offer.
If you’re in the market for an EV, now might be the best time to act. The NSW Government has just announced intentions to roll back the current incentives for EVs.
Right now, new EVs costing less than $68,750 attract a $3,000 subsidy in NSW and new and used EVs up to $78,000 are exempt from stamp duty. However, the previous NSW Government were dreaming when they did the forecasting. In 2021, the plan was to pay out $3,000 in subsidies on 25,000 EVs ($75,000,000). As of July 31, 2023, rebates had only been paid out on 7,821 EVs. No wonder Premier Minns wants to dump the plan and save some money.