Pickles auctioned an SEA Electric truck this week. I think it’s the first used electric truck to hit the used market in Australia so I was watching the bidding over the four day auction with great interest.
The 2022 SEA Electric 300-85EV had only travelled 3,320 kilometres and was previously operated by a plastic bag recycling company. Rated to 8.5-tonnes, the SEA 300-85 was specified with a 138kWh battery driving a 1,500Nm motor, which unladen, the combination has a potential range of up to 300km. This specimen was fitted with a pantec body and tailgate lifter.
Some pirates started the bidding at $1 on Friday morning. Obviously have a lark and hoping the anti-EV crowd would scare everyone away. Bidding moved slowly over the weekend and by Monday morning the offer was $27k.
By late afternoon the bidders started getting serious and with less than 15 minutes left on the auction it was still under $70k. This would have been a bargain considering similar sized electric trucks are selling new for $130-$150k.
Then, as the clocked ticked past 7pm, it became a two horse race when the real auction started. Bids quickly reaching $100k after a third potential buyer dropped out at $92,500. Everything slowed with just minutes to spare and the final bid was $106,500 (which was below the reserve so more negotiation was required). When you add the buyers fees of 9.9% it’s getting closer to the price of a new one.
For a near new electric truck this sounds like a great deal with immediate delivery. We searched online to find a used Hino with similar specifications and found a dealer demo for $94,025+ government charges.
I think the key message for Fleet Managers and financiers is – electric trucks are desirable in the used market and they will be worth something when they’re ready for a second life. So don’t be scared.
SEA Electric was founded in Australia in 2012 and in 2017 started performing driveline swaps on existing internal combustion engine powered trucks, which has perfected the technology, including the patented SEA-Drive® Power System.
They launched into the United States in 2019, showcasing two trucks at the ‘Work Truck Show’ in Indianapolis, while also attending California’s ‘Advanced Clean Transportation Expo’. They secured several deals including a contract to convert 10,000 school buses to electric powertrains.
In 2023 SEA Electric delivered 26 trucks in Australia. It was an increase on the 19 delivered in 2022 though nothing compared to the volumes that were expected based on the hype when they became a fully fledged OEM in 2021 with local manufacturing facilities.
There was a push into local fleet and transport markets at the 2022 AfMA Fleet Conference, the 2023 Brisbane Truck Show, and the announcements of several local partnerships. One of the biggest headlines which hasn’t yet become a commercial reality was the deal for 8,500 electric utes with MEVCO.
In April 2024, Exro Technologies Inc. and SEA Electric Inc. finalised the previously announced merger which valued SEA Electric at approximately $US300 million. The deal confirmed the big opportunity wasn’t to build electric trucks in Australia, it was to sell the SEA powertrain technology to OEMs in the larger US market.
