Spanish performance brand Cupra has taken the axe to its Formentor VZe plug-in hybrid (PHEV) SUV, cutting more than $20,000 off 2024 model year stock. Now $47,990 drive-away, down from around $67,990. The move follows a 70 per cent drop in sales following the removal of the Fringe Benefits Tax (FBT) exemption in April, which cut around a third off the price of a plug-in hybrid when purchased through a novated lease. With a facelifted Formentor VZe hybrid due early next year Cupra Australia decided to slash remaining stock. The new model will increase the current models electric only range from 50 to 100km and feature a new 1.5-litre turbo petrol engine and larger battery. What this large discount does to re- sale values long term however will be interesting to watch - the Formentor range Cupra’s biggest selling model.