EV Sales Defy Higher Interest Rates, Says Electric Vehicle Council

The Reserve Bank of Australia (RBA) raised interest rates to 4.6% this week, but the Electric Vehicle Council (EVC) says it won't slow down electric vehicle sales.

In fact, EV sales have increased significantly after previous rate rises, according to EVC CEO Julie Delvecchio.

The RBA's move aims to reduce inflation to its targeted range of 2-3%, but ABS figures show the Consumer Price Index rose 4% in the past 12 months, up from 3.5% in July.

EVC's head of legal, policy and advocacy Aman Gaur notes that EV sales increased despite rate rises: 'We've seen half a dozen rate rises, and we've seen EV sales go north during that period.'