Hyundai says EVs now 20 pct of Australian orders as electric interest surges

admin — Sun, 19 Apr 2026 02:24:04 +0000

South Korea car giant Hyundai says it has experienced a massive surge in interest in electric vehicles, which now account for 20 per cent of its order volume, up from 3 per cent before the fuel supply crisis emerged after the breakout of the latest Middle East war.

The company says it has seen a more than four-fold increase in EV orders in March – up to 1,037 from 228 in February – with the Kona EV and the newly released Elexio leading the way.

“EVs now account for 20% of our volume – previously we were at less than 3%,” said Hyundai Motor Company Australia director of sales, David Rodda. “We are planning for a 70% increase in EV orders for the second quarter over Q1.”

Rodda says Hyundai Australia has secured a 158% supply increase of EVs for quarter two to meet this unprecedented level of demand, and these vehicles will start to arrive from May. It is confident the increased supply can continue for the rest of the year.

Hyundai says it has a supply of 1,226 Kona EVs for the second quarter, up from 305 in the March quarter, and also has 1,180 of the new Elexio EVs, up from 750 in the first quarter. Wait times are several months.

It is also increasing its supply of the small Inster (to 255 from 84), and the Ioniq 5 (to 150 from 96). It says the order level in March and April is triple the level of January and February for the Kona, Inster and Ioniq 5, and more than 10-fold for the Elexio.

Table: Hyundai Australia

Hyundai also provided this week by week data of its order numbers, showing the surge in interest in the 3rd and 4th week of March.

Hyundai says it expects to boost order with the release of the Ioniq 3 hatch early next year and the Staria commercial van later this year. It is also seeing a strong interest in hybrid orders, which rose to 3,966 in March from 3,049 in February, and accounted for a record 57 per cent of total orders in March.

See The Driven’s detailed EV sales data here: Australian electric vehicle sales by month in 2026; by model and by brand

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Giles Parkinson is founder and editor of The Driven, and also edits and founded the Renew Economy and One Step Off The Grid web sites. He has been a journalist for nearly 40 years, is a former business and deputy editor of the Australian Financial Review, and owns a Tesla Model 3.

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Deducting Car Loan Interest: Quick Facts

The “No Tax on Car Loan Interest” provision in the One Big Beautiful Bill Act (OBBBA) allows eligible new car buyers to deduct up to $10,000 in car loan interest per year.
This deduction is only applicable to loans for the purchase of new cars made after Dec. 31, 2024.
There are strict eligibility requirements, including income limits and U.S. final assembly requirements.

The “No Tax on Car Loan Interest” provision of the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, isn’t as simple as its title suggests. It does not automatically provide a tax break for interest on every car loan. Instead, only new car buyers who meet a specific set of qualifications can benefit.

Who Qualifies for the New Car Loan Interest Deduction?

Here are the essentials of this provision. You must meet all of the criteria in order to be eligible. If you miss even one, you don’t qualify.

New Car Loan Interest Deduction Qualifications Checklist

Your annual modified adjusted gross income (MAGI) is under $100,000 (or $200,000 for joint filers). The deduction phases out as income rises.
Interest must be paid on a loan that originated after December 31, 2024.
You are the first owner of the vehicle.
The vehicle must be for personal use, not for business or commercial purposes.
The loan is secured by a lien on the vehicle.
The vehicle is a car, minivan, van, SUV, pick-up truck, or motorcycle with a gross vehicle weight rating (GVWR) of less than 14,000 pounds.
The vehicle’s final assembly occurred in the United States.

If you meet all of the criteria, you may be able to claim the deduction. Always confirm your eligibility with a tax professional.

About Final Assembly

The new provision requires that eligible vehicles must have their final assembly in the United States. There are a few ways to tell where a car was assembled:

Dealer documentation: The final assembly location is listed on the vehicle’s window sticker or in sales material.
VIN: Check the car’s vehicle identification number (VIN). A VIN beginning with 1, 4, 5, 7F-7Z, or 70 came from a U.S. assembly plant.
Online tools: Use AutoCheck or Carfax to learn more about the history of the car in question, or use the VIN Decoder from the National Highway Traffic Safety Administration (NHTSA) to confirm the car’s assembly location.

If you are in the market to buy a new car within the next few years and want to take advantage of this deduction, incorporate the U.S. assembly requirement into your initial research.

Important Considerations

Lease eligibility

Interest included in lease payments does not qualify for the deduction.

Maximum deduction

The maximum deduction is $10,000 in qualified new car-loan interest per year.

Deductions timeframe

This legislation applies through 2028. If new laws take effect, this deduction may not apply to the entire life of your loan.

Refinancing

If a qualifying vehicle loan is later refinanced, interest paid on the refinanced amount is generally eligible.

Itemizing

The deduction is available whether you itemize or take the standard deduction.

Ineligible vehicles

Vehicles weighing 14,000 pounds or more are not eligible. Golf carts are ineligible.

Reporting and Guidance

For tax year 2025, the IRS is providing transitional relief and lenders won’t be required to use a new tax form. However, lenders and any other recipients of qualified interest will still be required to provide borrowers with a statement by January 31, 2026, showing the total amount of interest paid on the qualified vehicle loan during 2025.

Borrowers will need this interest statement and the vehicle’s VIN to complete Schedule 1-A when filing a 2025 tax return. Consult a tax professional to confirm eligibility and ensure compliance with current IRS guidance.

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