Carmakers saturating market with fresh electric vehicles

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【Summary】Some carmakers are flooding the market with new and nearly new Electric Vehicles (EVs), according to the National Association of Motor Auctions (NAMA). Overall, the performance of EVs remains consistent, while the car market is seeing prices fall. However, there has been a decline in the light commercial vehicle sector and a slowdown in the large van sector. Dealers are adopting a more targeted approach to stock in anticipation of a positive bounce in January.

FutureCar Staff Nov 24, 2023 10:16 PM PT

Carmakers saturating market with fresh electric vehicles

According to the National Association of Motor Auctions (NAMA), some car manufacturers are saturating the market with new and nearly new Electric Vehicles (EVs). The overall performance of EVs has remained consistent with previous months, although NAMA did not specify which brands were flooding the market.

While the car market as a whole is experiencing falling prices, EVs are showing resilience, except for the small SUV sector. Dealers are adjusting their stock approach in anticipation of a positive rebound in January.

NAMA noted a slight decline in Light Commercial Vehicles (LCV), which can be attributed to seasonality. Surprisingly, the large van sector has also slowed down, possibly indicating a saturation point 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 their vehicles for longer periods, seeking better value for money.

Despite the flood of new and nearly new EVs, the overall performance of Battery Electric Vehicles (BEVs) remains consistent with previous months. Auction houses have observed a trend of price realignment, with a slight increase in volume for November.

Dealers are now adopting a more targeted approach to their stock in preparation for a positive bounce in the new year, according to Paul Hill, NAMA Advisor.