Rapid Value Depreciation a Hurdle for Australians Buying EVs: Peak Body

A parliamentary committee has been told that rapid value depreciation is a barrier that prevents Australian motorists from buying electric vehicles (EVs). During a recent inquiry hearing into the EV transition, Australian Automotive Dealer Association (AADA) CEO James Voortman was questioned about what was blocking Australians from adopting the new car technology. Apart from factors such as higher prices, insurance costs, and lack of charging facilities, Voortman said Australian consumers were reluctant to buy an EV because of how quickly it lost value. “The other challenge both customers and dealers are facing right now is the rapid depreciation of EVs,” he told the Standing Committee on Climate Change, Energy, Environment, and Water....