Latest news with #MikeCostello
Herald Sun
a day ago
- Automotive
- Herald Sun
Huge change coming to Aussie car market in 2025
Don't miss out on the headlines from On the Road. Followed categories will be added to My News. Australia's car market is undergoing one of its biggest shake-ups in decades, with some experts calling it the most dramatic shift in automotive history. From surging Chinese car brands and a cooling electric vehicle market to aggressive discounting and oversupply, the car industry is in for a bumpy ride. Federal Chamber of Automotive Industries data shows 1,237,287 new cars were delivered in 2024, a 1.7 per cent increase on the previous year. But that growth is not expected to continue. Cox Automotive Australia corporate affairs manager and analyst Mike Costello said flagging sales should improve in the second half of the year. 'Rate cuts from the RBA will help turn this around in H2, as will an uplift in government fleet post Federal Election,' Mr Costello said. While the first half of 2024 was strong, the closing months revealed a slowdown as manufacturers cleared Covid-era backlogs and Australian buyers felt the economic pressure, from inflation and rising interest rates. Now, in the lead-up to June 30, brands are rolling out aggressive discounts and generous drive-away deals. The discounting we're seeing isn't just due to softening demand but is being driven by improved vehicle supply, global overproduction and intensifying competition. The Hyundai Santa Fe is a smart pick for a family-oriented SUV thanks to its three rows of seating and ample room for people and cargo. Picture: Hyundai Motor America via AP During the Covid-19 pandemic, stock shortages meant car dealers could sell vehicles with little or no negotiation but those days are defiantly over. Mr Costello said the industry is at a real 'turning point'. 'We've moved from a seller's market in Covid to a buyer's market now – more in line with historical norm, there's been an improvement in vehicle supply, which has led to the return of incentives and discounting,' he said. Global factories are also playing a role with Chinese automakers facing oversupply in their home market and tightening trade restrictions in Europe and the Unites States. BYD has built it's own carrier vessels to transport EVs globally. Picture: AFP Australia has become a viable market for Chinese car manufacturers which has lead to aggressive local pricing, especially from brands such as BYD, Chery and GWM. data services Director Ross Booth said much of the automotive growth is coming from electric and electrified vehicles. 'We're seeing a clear shift towards more fuel-efficient vehicles, with strong growth in New Energy Vehicles – which include hybrids, plug-in hybrids, and battery electric vehicles,' Mr Booth said. Hybrid and electric vehicle sales made up just 8 per cent of new cars in 2021, jumping to 25 per cent by the end of 2025. 'Looking ahead, we're predicting NEVs to account for up to 35 per cent of the new vehicle market by the end of 2025, driven largely by increased demand for hybrids and PHEVs,' Mr Booth said. Conventional hybrids like the Toyota RAV4 seem to be a sweet spot for buyers. Picture: AFP Conventional hybrids seem to be the sweet spot for buyers not ready to take the full EV jump. In 2024, more than 172,000 hybrid vehicles were sold in Australia, a 76 per cent year-on-year increase, according to Federal Chamber of Automotive Industries (FCAI) data. EV uptake is slowing down despite new models reaching showrooms each month. The biggest shake-up for the industry comes from China. New brands such as BYD, Xpeng, Zeekr and Chery appeal to cost-conscious buyers. BYD sales are up 103 per cent this year, Chery is up 234 per cent and GWM is up 14 per cent. Despite the growth, Mr Costello said some buyers still have reservations. 'It's clear that while a subset of buyers still have reservations, perhaps in part because of their broader opinions on the Chinese State, an ever-growing cohort are opting for more affordable Chinese cars, swayed by their long warranties, cutting-edge tech, and modern designs,' Mr Costello said. 'People are also learning that these vehicles are often no less reliable or capable than other products.' Originally published as Huge change coming to Aussie car market in 2025
Daily Telegraph
a day ago
- Automotive
- Daily Telegraph
Huge change coming to Aussie car market in 2025
Don't miss out on the headlines from On the Road. Followed categories will be added to My News. Australia's car market is undergoing one of its biggest shake-ups in decades, with some experts calling it the most dramatic shift in automotive history. From surging Chinese car brands and a cooling electric vehicle market to aggressive discounting and oversupply, the car industry is in for a bumpy ride. Federal Chamber of Automotive Industries data shows 1,237,287 new cars were delivered in 2024, a 1.7 per cent increase on the previous year. But that growth is not expected to continue. Cox Automotive Australia corporate affairs manager and analyst Mike Costello said flagging sales should improve in the second half of the year. 'Rate cuts from the RBA will help turn this around in H2, as will an uplift in government fleet post Federal Election,' Mr Costello said. While the first half of 2024 was strong, the closing months revealed a slowdown as manufacturers cleared Covid-era backlogs and Australian buyers felt the economic pressure, from inflation and rising interest rates. Now, in the lead-up to June 30, brands are rolling out aggressive discounts and generous drive-away deals. The discounting we're seeing isn't just due to softening demand but is being driven by improved vehicle supply, global overproduction and intensifying competition. The Hyundai Santa Fe is a smart pick for a family-oriented SUV thanks to its three rows of seating and ample room for people and cargo. Picture: Hyundai Motor America via AP During the Covid-19 pandemic, stock shortages meant car dealers could sell vehicles with little or no negotiation but those days are defiantly over. Mr Costello said the industry is at a real 'turning point'. 'We've moved from a seller's market in Covid to a buyer's market now – more in line with historical norm, there's been an improvement in vehicle supply, which has led to the return of incentives and discounting,' he said. Global factories are also playing a role with Chinese automakers facing oversupply in their home market and tightening trade restrictions in Europe and the Unites States. BYD has built it's own carrier vessels to transport EVs globally. Picture: AFP Australia has become a viable market for Chinese car manufacturers which has lead to aggressive local pricing, especially from brands such as BYD, Chery and GWM. data services Director Ross Booth said much of the automotive growth is coming from electric and electrified vehicles. 'We're seeing a clear shift towards more fuel-efficient vehicles, with strong growth in New Energy Vehicles – which include hybrids, plug-in hybrids, and battery electric vehicles,' Mr Booth said. Hybrid and electric vehicle sales made up just 8 per cent of new cars in 2021, jumping to 25 per cent by the end of 2025. 'Looking ahead, we're predicting NEVs to account for up to 35 per cent of the new vehicle market by the end of 2025, driven largely by increased demand for hybrids and PHEVs,' Mr Booth said. Conventional hybrids like the Toyota RAV4 seem to be a sweet spot for buyers. Picture: AFP Conventional hybrids seem to be the sweet spot for buyers not ready to take the full EV jump. In 2024, more than 172,000 hybrid vehicles were sold in Australia, a 76 per cent year-on-year increase, according to Federal Chamber of Automotive Industries (FCAI) data. EV uptake is slowing down despite new models reaching showrooms each month. The biggest shake-up for the industry comes from China. New brands such as BYD, Xpeng, Zeekr and Chery appeal to cost-conscious buyers. BYD sales are up 103 per cent this year, Chery is up 234 per cent and GWM is up 14 per cent. Despite the growth, Mr Costello said some buyers still have reservations. 'It's clear that while a subset of buyers still have reservations, perhaps in part because of their broader opinions on the Chinese State, an ever-growing cohort are opting for more affordable Chinese cars, swayed by their long warranties, cutting-edge tech, and modern designs,' Mr Costello said. 'People are also learning that these vehicles are often no less reliable or capable than other products.' Originally published as Huge change coming to Aussie car market in 2025
News.com.au
2 days ago
- Automotive
- News.com.au
Huge change coming to Aussie car market in 2025
Australia's car market is undergoing one of its biggest shake-ups in decades, with some experts calling it the most dramatic shift in automotive history. From surging Chinese car brands and a cooling electric vehicle market to aggressive discounting and oversupply, the car industry is in for a bumpy ride. Federal Chamber of Automotive Industries data shows 1,237,287 new cars were delivered in 2024, a 1.7 per cent increase on the previous year. But that growth is not expected to continue. Cox Automotive Australia corporate affairs manager and analyst Mike Costello said flagging sales should improve in the second half of the year. 'Rate cuts from the RBA will help turn this around in H2, as will an uplift in government fleet post Federal Election,' Mr Costello said. While the first half of 2024 was strong, the closing months revealed a slowdown as manufacturers cleared Covid-era backlogs and Australian buyers felt the economic pressure, from inflation and rising interest rates. Now, in the lead-up to June 30, brands are rolling out aggressive discounts and generous drive-away deals. The discounting we're seeing isn't just due to softening demand but is being driven by improved vehicle supply, global overproduction and intensifying competition. During the Covid-19 pandemic, stock shortages meant car dealers could sell vehicles with little or no negotiation but those days are defiantly over. Mr Costello said the industry is at a real 'turning point'. 'We've moved from a seller's market in Covid to a buyer's market now – more in line with historical norm, there's been an improvement in vehicle supply, which has led to the return of incentives and discounting,' he said. Global factories are also playing a role with Chinese automakers facing oversupply in their home market and tightening trade restrictions in Europe and the Unites States. Australia has become a viable market for Chinese car manufacturers which has lead to aggressive local pricing, especially from brands such as BYD, Chery and GWM. data services Director Ross Booth said much of the automotive growth is coming from electric and electrified vehicles. 'We're seeing a clear shift towards more fuel-efficient vehicles, with strong growth in New Energy Vehicles – which include hybrids, plug-in hybrids, and battery electric vehicles,' Mr Booth said. Hybrid and electric vehicle sales made up just 8 per cent of new cars in 2021, jumping to 25 per cent by the end of 2025. 'Looking ahead, we're predicting NEVs to account for up to 35 per cent of the new vehicle market by the end of 2025, driven largely by increased demand for hybrids and PHEVs,' Mr Booth said. Conventional hybrids seem to be the sweet spot for buyers not ready to take the full EV jump. In 2024, more than 172,000 hybrid vehicles were sold in Australia, a 76 per cent year-on-year increase, according to Federal Chamber of Automotive Industries (FCAI) data. EV uptake is slowing down despite new models reaching showrooms each month. The biggest shake-up for the industry comes from China. New brands such as BYD, Xpeng, Zeekr and Chery appeal to cost-conscious buyers. BYD sales are up 103 per cent this year, Chery is up 234 per cent and GWM is up 14 per cent. Despite the growth, Mr Costello said some buyers still have reservations. 'It's clear that while a subset of buyers still have reservations, perhaps in part because of their broader opinions on the Chinese State, an ever-growing cohort are opting for more affordable Chinese cars, swayed by their long warranties, cutting-edge tech, and modern designs,' Mr Costello said.
Yahoo
29-03-2025
- General
- Yahoo
This Is the Cabinet Change You'll Regret Most in Your Kitchen, According to Pros
This article may contain affiliate links that Yahoo and/or the publisher may receive a commission from if you buy a product or service through those links. Designing the perfect kitchen cook can be a tough process — especially if you're waffling between a few different design choices. One way to guarantee you score your dream space on the first shot? You have to tune out the noise about trends. Just like in fashion, kitchen design trends are constantly coming up, and contractors agree: If you follow everything that's 'in' at the moment, you may end up regretting it later. So what's the number one trend they've seen their clients most regret over the years? When it comes to kitchen cabinets, there's a glaring one that nearly all of them mentioned. And remember, you can totally incorporate trends if you want to — but don't feel like you need to get the kitchen of your dreams. Contractors agree: The number one cabinet trend people regret is committing to the wrong color, whether that's a bold, trendy hue or an entirely white kitchen. 'Think about it, a truly all-white kitchen, from cabinets to countertops to backsplash, can feel incredibly sterile,' says Adrian Andronachi, a contractor, interior designer, and founder of AGA Builders. 'It's like a perfectly curated museum exhibit — beautiful to look at, but not a place you want to live in.' This may sound extreme, especially if you have your heart set on a spotless, white kitchen. After all, there are some gorgeous ones out there! But it's a good reminder to not do it just because you see it all over Instagram. And if all-white is your dream, add pops of color or different finishes to warm up the space. Mike Costello, contractor and home improvement expert at also notes that a whitewashed kitchen is the number one regret he typically sees from clients. That said, drenching a kitchen in any one color has also been known to cause a few regrets. 'The folks who go all-in on a vibrant, trendy color — a deep teal, a sunny yellow, or fire-engine red that pops — tend to regret it later,' explains Andrew Bates, the COO of Bates Electric. 'Living with a bold color every single day can quickly feel like too much, and as the color trends out of style, it can date a new kitchen fast.' 'A few years ago, there was a big push for vibrant blues, deep greens, and even matte black cabinets, which looked absolutely stunning in design magazines and on social media,' says Mike Belk, owner and founder of BELK Tile. 'However, once these bold colors are installed, clients often realize they can feel too intense or even overwhelming in the space.' Moral of the story? What might photograph well in a designer kitchen might not work well in an everyday space. Make sure you're thinking about the long-term appeal of your cabinet colors and not what everyone else is doing.'To avoid this regret, I always emphasize the importance of testing out colors in the actual kitchen space before committing, and I recommend integrating bold hues in smaller, more temporary accents — like backsplashes, lighting, or even drawer pulls — so they can still make an impact without overwhelming the entire room,' Belk says. 'That way, you get the best of both worlds: a hint of trendiness without the long-term commitment.' I Tried the 90/90 Rule and My Closet Is Now Fully Decluttered We Tested (and Rated!) Every Sofa at West Elm — Here Are the Best for Every Type of Need We Tested (and Rated!) All the Sofas at Pottery Barn — Here Are the Best for Every Type of Need Sign up for Apartment Therapy's Daily email newsletter to receive our favorite posts, tours, products, and shopping guides in your inbox.
