Carmakers saturating market with fresh electric vehicles

author: FutureCar Staff    

According to the National Association of Motor Auctions (NAMA), some carmakers 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 mention any specific brands.

The car market as a whole is experiencing a decline in prices, but EVs are showing resilience, except for the small SUV sector. Dealers are adjusting their stock strategy in preparation for an expected increase in demand in January.

NAMA also noted a slight decrease in the Light Commercial Vehicles (LCV) sector, mainly due to seasonal factors. Surprisingly, the large van sector has slowed down, possibly indicating a saturation in the parcel and home delivery industry.

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 their money.

While some manufacturers are flooding the market with 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 anticipation of a positive rebound in the new year, according to Paul Hill, NAMA Advisor.

FutureCar Staff