‘Decade of pain’: Dire warning for Australian motorists
Australian electric vehicle sales surged 42% in March, with over 80% of EVs sold coming from China, but industry experts warn of potential long-term issues due to the influx of obscure brands. Capricorn Group's CEO, Brad Gannon, cautions that the multitude of brands may lead to a 'decade of pain' for motorists due to potential manufacturer insolvency and parts availability issues.
Australian electric vehicle sales rose 42% in March to 15,839 new cars, accounting for 14.6% of the total new car market. Over 80% of EVs sold in Australia are from China. Industry experts warn that the influx of obscure brands may cause long-term issues. Capricorn Group's CEO, Brad Gannon, stated that the risk lies not at the point of sale but when repairs are needed, potentially leaving owners with idle vehicles. Two Australian EV importers went into receivership or administration in March, highlighting the potential risks. The Australian EV market is attracting numerous manufacturers, particularly from China, due to significant subsidies and the relatively low barriers to entry.
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