Mitsubishi Leads the Rapid Growth of Plug-in Hybrids in Australia

Sales of plug-in hybrids (PHEVs) in Australia are soaring, outpacing all other new vehicle propulsion types. Deliveries have more than doubled this year, with 8223 new PHEVs sold, marking a 129.6% increase from the same period in 2023, according to the Federal Chamber of Automotive Industries (FCAI).

Leading this surge are the Mitsubishi models, particularly the Mitsubishi Outlander and Eclipse Cross. The Outlander remains the top-selling plug-in hybrid with 2422 sales, a remarkable 1142% year-on-year increase. Its smaller sibling, the Eclipse Cross, follows with 1409 sales, up 228%. These models highlight Mitsubishi's strong presence and leadership in the PHEV market.

This growth has been significantly driven by a Fringe Benefits Tax (FBT) exemption available to novated-lease customers purchasing PHEVs priced below the Luxury Car Tax threshold of $91,387 before on-road costs. This tax break has provided substantial savings, making PHEVs more affordable despite their higher purchase cost.

Despite their rapid growth, PHEVs are still not as popular as conventional hybrid or electric cars, which have recorded 81,613 and 50,905 sales respectively. However, the growth rate of PHEVs outshines these segments. The Outlander reclaimed the top spot from the MG HS Plus EV, whose deliveries plummeted by 73.4% to 307 in the first half of 2024. Despite this, a new MG HS Plus EV model with a longer electric driving range is on the horizon. Not all models are experiencing growth, with sales of the Volvo XC90 and BMW X3 plug-in hybrids down 47.5% and 49.4%, respectively.

However, the honeymoon period for PHEVs may soon end. The FBT exemption that has fueled this surge will be scrapped from April 2025. This change could impact the financial appeal of PHEVs, potentially affecting future sales.

At Tynan Mitsubishi Kirrawee, we remain committed to providing the latest in automotive innovation. Visit us to explore our range of PHEVs, including the top-selling Mitsubishi Outlander and Eclipse Cross.

Mitsubishi Outlander Plug-in EV: https://bit.ly/3WgfNhy 

Mitsubishi Eclipse Cross Plug-in EV: https://bit.ly/4cC3D8C 

Tynan Mitsubishi Kirrawee: 5/519 Princes Hwy, Kirrawee NSW 2232 | (02) 8545 8888

Sourced from Drive.com.au