Australia is set to have its cheapest electric vehicle (EV) with an 80km range by 2023, according to a new report from the Australian Renewable Energy Agency (ARENA). The report, released today, outlines the potential for a new EV model that could be available for as little as $20,000.
The report states that the cost of EVs has been steadily decreasing over the past few years, and that the cost of batteries has been the main factor in this decrease. ARENA estimates that the cost of batteries could drop by up to 50% by 2023, making EVs more affordable for Australians.
The report also highlights the potential for EVs to reduce emissions in Australia. It states that EVs are more efficient than petrol and diesel vehicles, and that they produce fewer emissions when driven. This could help Australia meet its emissions reduction targets and reduce its reliance on fossil fuels.
The report also notes that EVs are becoming increasingly popular in Australia, with sales increasing by over 50% in 2020. This is due to a number of factors, including government incentives and the increasing availability of charging infrastructure.
The report concludes that the introduction of an EV with an 80km range and a price tag of $20,000 could be a game-changer for the Australian EV market. It could make EVs more accessible to a wider range of Australians, and help reduce emissions in the country.
ARENA CEO Darren Miller said: “This report shows that electric vehicles are becoming increasingly affordable and accessible for Australians. We’re excited about the potential for an EV with an 80km range and a price tag of $20,000 to be available in 2023. This could be a game-changer for the Australian EV market and help reduce emissions in the country.”
The report is part of ARENA’s ongoing efforts to support the development of renewable energy in Australia. The agency is currently investing in a number of projects that aim to reduce emissions and increase the uptake of renewable energy sources.
