Aussies who made the change to an electric vehicle in the first half of the year as petrol and diesel prices spiked due to the Iran war will save approximately $76 million on fuel by the end of 2026, a new report has found.

The findings from the National Automotive Leasing and Packaging Association (NALSPA) also show that Aussies who purchased a battery electric vehicle under the federal government’s Electric Car Discount scheme from January to June will keep saving $103.6 million a year from 2027 onwards if fuel costs remain at current levels.

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Despite the signing of a memorandum of understanding in June, which led to a temporary ceasefire, shipping through the all-important Strait of Hormuz remains effectively closed. A barrage of attacks in recent days has seen oil prices rise by more than $US4 a barrel, so the pain at the bowser looks set to continue.

NALSPA chief executive Rohan Martin said the sharp switch away from internal combustion vehicles has benefits for Australia that go far beyond motorists keeping more of their cash, noting that the transformation of the country’s new-car market is “strengthening our national energy security” and will put downward pressure on inflation.

“These savings mean more money stays in local economies instead of flowing to overseas energy suppliers,” he said. “More money in Australians’ pockets gives families extra room in their household budgets to cover everyday essentials during the cost-of-living crunch.”

The news comes just after the Electric Vehicle Council’s most recent monthly sales report revealed that Tesla and Polestar delivered a combined 7821 BEVs down under in August, up 148 per cent from the same period last year.

August’s result, which only includes the two brands, is second only to the numbers recorded in June, when Tesla and Polestar delivered 8924 vehicles in a sure sign that the EV market remains exceptionally strong.