Extending FBT exemption on plug-in hybrids “critical” to success of Ford Ranger PHEV, BYD Shark

AutoExec Summary
Australia’s inquiry into the transition to electric vehicles has heard urgent calls from the automotive finance sector to maintain the Fringe Benefits Tax (FBT) exemption for plug-in hybrid vehicles (PHEVs). This exemption, active since late 2022, has significantly boosted PHEV sales, accounting for about 50% of the market. With the FBT exemption set to end on 1 April 2025, concerns are rising about declining sales of upcoming models like the Ford Ranger and BYD Shark. Experts argue that keeping the exemption is essential for fostering EV adoption and aiding the transition to sustainable transport.

Brands mentioned: Ford, BYD, Mitsubishi