Peugeot 508 axed in Australia – UPDATE

UPDATE, 23 September 2024: The Peugeot 508 sedan and wagon will be dropped from Australian showrooms, the company has confirmed.

Peugeot attributes the 508's axing to "changing consumer preferences in the segment," which has seen just 53 examples reported as sold so far this year – down 58 per cent on the prior year.

Since the first examples of the latest 508 arrived in late 2018, about 840 have been reported to have left showroom floors. For context, 933 Toyota Camry sedan sales were reported in August 2024 alone.

The French car maker says there is "limited stock" remaining of the 508 – sold only as a plug-in hybrid since 2023 – in its national dealer network.

It forms part of a restructuring of Peugeot's local model range, which has seen all plug-in hybrid models dropped, and its electric-vehicle roll-out slowed.

This confirmation of the 508's fate follows sister brand Citroen announcing last month it would end Australian sales of new vehicles this November, amid a similar sales decline.

Our original story, published last month, continues below.

Alex Misoyannis

12 August 2024: The future of the Peugeot 508 sedan and wagon – offered as a plug-in hybrid only since 2023 – appears uncertain for Australia.

When canvassed by Drive, several dealers said the Peugeot 508 will not continue to be offered in Australia once stock of the current model is cleared, with some retailers directing customers toward the Peugeot 308, Peugeot 408 or Citroen C5 X plug-in hybrid models instead.

A spokesperson from Inchcape, the local distributor of Peugeot vehicles, did not directly respond to a question from Drive about the future of the 508 in Australia – including timing for an updated model revealed in Europe 18 months ago.

“The Peugeot 508 Plug-in Hybrid is available in Australia in both fastback and sportswagon and interested customers are encouraged to speak to their local Peugeot retailer,” said the spokesperson.

It follows confirmation the 508 will not be offered in the United Kingdom after December 2024 – including plug-in hybrid versions – as the brand continues to focus on its battery-electric models, as reported by Autocar.

The Peugeot 508 GT Plug-In Hybrid sedan retails for $81,610 before on-road costs in Australia, while the wagon costs $82,915 – making it dearer than all-electric alternatives like the Tesla Model 3 and BYD Seal.

However, Model Year 2023 and Model Year 2024 examples of the Peugeot 508 GT Plug-In Hybrid Fastback are currently being offered for $59,990 drive-away nationwide – a 32 per cent drop from its usual estimated $88,000 drive-away price.

MORE: Big discounts up to $30,000 on Peugeot, Citroen cars amid slow sales

The Peugeot 508 GT Plug-In Hybrid Sportswagon is available for $61,990 drive-away, down 31 per cent from its usual estimated $89,500 drive-away price.

VFACTS new-car sales data reveals 46 examples of the 508 were registered in Australia between January and July 2024, a 48.3 per cent drop from the same time in 2023 when it was also offered in petrol-only form.

Between January 2022 and July 2023, the standard petrol version of the 508 accounted for 85.2 per cent of sales in Australia before it was axed for Model Year 2023, which saw the addition of the plug-in hybrid wagon.

A mid-life update for the current 508 was unveiled in February 2023 with revised styling and improved technology, with Peugeot Australia stating it would confirm launch details “in due course” at the time.

Jordan Hickey