Discounts on new EVs hit 11% as brands push to shift retail stock

By 2 Min Read

Carmakers are ratcheting up efforts to sell EVs with bigger incentives to shift stock. Under government ZEV mandate rules 22% of the stock, they sell has to be BEVs or else face fines or find alternative routes.

SMMT figures released yesterday show that EV sales are being driven by fleet while retail sales remain patchy.

Ian Plummer, commercial director at Auto Trader, said: “While the fleet side of the market is driving the growth, more needs to be done to stimulate electric vehicle demand among private buyers where affordability remains the #1 barrier.

“That said, manufacturers are fighting harder than ever to tempt customers, as more than three-quarters of new EVs are now advertised on our website with discounts, with the average discount applied increasing to 11% last month.

“That trend only looks set to accelerate as manufacturers struggle to meet strict ZEV mandate targets in a much more competitive landscape.”

“The arrival of new Chinese entrants is likely to continue to shake up the market and bring down prices for consumers. Their share of new car advert views on our platform has more than tripled since March 2021. Underlying demand from consumers also remains strong after a record 89.1m visits to our website last month.”

Motor Trader reported yesterday Vertu Motors CEO Robert Forrester saying the government has “done nothing” to stimulate retail sales of BEVs.

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *