The Chery Stockman PHEV Ute Is Coming — Is It Novated Lease-Friendly?
Chery's new Stockman plug-in hybrid diesel ute is gunning for the BYD Shark 6 and Ford Ranger PHEV. Here's what it could mean for your novated lease.
A new player is entering Australia's rapidly crowded PHEV ute market. Chinese manufacturer Chery has named its first Australian ute the Stockman — a plug-in hybrid diesel designed to take on the BYD Shark 6 and the Ford Ranger PHEV on both efficiency and price. According to EVcentral AU, the name was chosen via a public competition, signalling Chery is serious about local market positioning [Source 1].
The Stockman isn't just a rebadge exercise. It's reportedly engineered with a diesel-hybrid powertrain targeting segment-leading fuel efficiency — which, if the specs hold up at launch, puts it squarely in the conversation for Australian PAYG workers considering a novated lease on a practical, tax-effective work vehicle.
What this means for novated lease customers
Here's the bit the press release won't tell you: not all PHEVs are created equal under Australia's tax rules. Under the current FBT exemption framework, only battery electric vehicles (BEVs) and certain plug-in hybrids below the luxury car tax threshold qualify for the full FBT exemption. PHEVs are currently on a transition timeline — the exemption for new PHEV orders is scheduled to end, so timing your lease matters.
That said, a PHEV ute like the Stockman still offers real tax advantages through a novated lease even outside the full exemption. Pre-tax salary contributions cover running costs including fuel, registration, insurance and servicing — and a diesel-hybrid powertrain means lower fuel bills, which stretches your pre-tax dollars further. The key is getting the numbers modelled properly before you sign anything, not after. If the Stockman lands at a competitive price point, it could be a genuinely compelling option for tradies, sales reps and anyone who needs a ute but doesn't want to hand the ATO more than they have to.
Common questions
Will the Chery Stockman qualify for the FBT exemption on a novated lease?
That depends on its final retail price and the date you take delivery. Under current rules, PHEVs ordered after 1 April 2025 are no longer eligible for the full FBT exemption — only BEVs retain it going forward. We'd recommend getting specific advice before committing.
Is the Chery Stockman actually available to novated lease yet?
Not yet. As of June 2026, the Stockman has been named and announced but hasn't launched in Australia. millarX will assess it for novated lease eligibility once official pricing and specs are confirmed.
How does a PHEV ute compare to a full EV on a novated lease?
A BEV currently offers the strongest tax outcome thanks to the FBT exemption. A PHEV ute still delivers genuine savings through pre-tax running cost coverage, but the headline tax benefit is smaller. The right choice depends on your driving profile, charging access and how much you value the flexibility of a combustion backup.
What's the difference between the Chery Stockman, BYD Shark 6 and Ford Ranger PHEV?
All three are plug-in hybrid utes competing in the same segment. The BYD Shark 6 uses a petrol-hybrid system, the Ranger PHEV a petrol engine, while the Stockman is reportedly diesel-hybrid — which typically means better efficiency for high-kilometre drivers. Pricing and final specs will determine where each sits in the novated lease conversation.
Can I novated lease a vehicle that hasn't launched yet?
Yes — many customers lock in a novated lease structure before delivery, particularly for high-demand vehicles. millarX can help you model the numbers now so you're ready to move when stock arrives.