Carmakers inundate market with fresh electric vehicles

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【Summary】The National Association of Motor Auctions (NAMA) has stated that certain carmakers are flooding the market with new and nearly new electric vehicles (EVs). While the overall performance of battery electric vehicles (BEVs) remains consistent, prices in the car market are falling. Light commercial vehicles (LCVs) have experienced a slight decline, and the large van sector has slowed down, possibly indicating maturity in the parcel and home delivery sector.

FutureCar Staff Nov 25, 2023 10:17 PM PT

Carmakers inundate market with fresh electric vehicles

According to the National Association of Motor Auctions (NAMA), some car manufacturers are flooding the market with new and nearly new Electric Vehicles (EVs). NAMA did not mention any specific brands but noted that the overall performance of BEVs has remained consistent with previous months.

The car market, in general, is experiencing falling prices, but EVs are showing resilience, except for the small SUV sector. Dealers are adjusting their stock approach in preparation for an expected positive bounce in January.

NAMA also reported a slight decline in Light Commercial Vehicles (LCVs) due to seasonality. Surprisingly, the large van sector has slowed down, possibly indicating maturity in the parcel and home delivery sector. Both the city and small van markets have seen a decline between July and October. Retail demand is down, and consumers are holding onto vehicles for longer periods, seeking better value for money.

Paul Hill, NAMA Advisor, stated that certain manufacturers are flooding the market with new and nearly new EVs. However, the overall performance of BEVs remains consistent with previous months. Auction houses have noticed a trend of price realignment, with a slight increase in volume for November. Dealers are now adopting a targeted approach to stock in anticipation of a positive bounce in the new year.