New car commentary | October 2023
Ian Plummer, Commercial Director of Auto Trader, the UK’s largest digital automotive marketplace, commented on the figures:
Despite Rishi Sunak’s confidence-denting announcement last month, the electric share of the new car market is still going strong and it’s great to see overall new car sales growing as supply returns to the market. However, with three quarters of all new electric vehicles now enjoying some kind of offer, it’s clear that manufacturers are using price to stimulate demand in retail channels now that the supply issues of the last few years are in the rearview mirror.
“Facing the, for some, ambitious Zero Emission Vehicle mandate - which did not change for cars amidst recent announcements - it’s likely that many manufacturers will become even more reliant on using price as a lever as they attempt to stimulate enough demand to reach the government-mandated 22% of new car sales by the end of 2024. Whilst the overall market is at around 16% for 2023 so far, many manufacturers will be further behind and may be forced to buy credits from all-electric new market entrants such as BYD, GWM, Tesla and Polestar or face hefty fines.”
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