2024 Renault Megane E-Tech Electric price cut by $10,000 for limited time

The 2024 Renault Megane E-Tech is the latest electric car to have its price cut in Australia as part of an End of Financial Year (EOFY) offer.

Until 30 June 2024 the Megane E-Tech Electric – available in a single EV60 Techno variant – is priced from $54,990 plus on-road costs, a saving of $10,000 from its regular RRP.

Drive-away prices range from $57,500 to $61,400, depending on where the vehicle is registered.

For a limited time it is cheaper than a Tesla Model 3 ($58,900 plus on-road costs) and Model Y ($60,900 plus on-road costs), and is priced in line with a base-model Hyundai Kona Electric ($54,000 plus on-road costs).

In the first three months of 2024, Renault Australia reported 81 examples of the Megane E-Tech as 'sold' – though it includes a number of vehicles registered by head office for media evaluation and marketing duties.

The hefty discount follows a wave of price cuts – and limited-time EOFY discounts – for other electric cars in Australia, including a $25,000 reduction on the Peugeot e-2008 which sold out in nine days, and a special offer on BYD Atto 3 demonstrators.

It comes amid growing competition from Chinese car brands that have introduced a record number of electric vehicles priced less than $50,000.

Renault Australia general manager Glen Sealey said in a media statement the company is "delighted with the response" to the electric Megane, which carries the nameplate of the defunct Megane RS hot hatch.

He said in a media release: "We have always taken into account the dynamics of such a fast-moving environment. This limited end-of-financial-year offer, at the key selling period of the year, will ensure we remain competitive."