Electric vehicle oversupply

author: FutureCar Staff    

Car dealership Vertu Motors has revealed that supply of electric vehicles is surpassing demand, even with the expansion of ULEZ. The dealership chain, which has 189 sales and aftersales outlets, including some in the London commuter belt, stated that improved sales of new cars have helped ensure that this year's profit will meet expectations. However, Vertu Motors noted that the supply of electric vehicles has exceeded demand, leading many manufacturers to reduce prices. In response to the surplus supply, manufacturers are offering discounted prices and supported finance rates to stimulate retail demand. Despite this, demand for electric vehicles in the fleet sector remains strong and is crucial for the electrification of the vehicle parc.

Tesla, a high-profile electric vehicle maker that does not sell through dealerships, has recently reduced prices on many of its models. Robert Forrester, Chief Executive Officer of Vertu Motors, expressed his satisfaction with the positive trading performance. He praised the hard work and dedication of the entire Vertu team and thanked them. The pricing of used cars has remained stable, and Vertu Motors has gained market share in the new car market. The aftersales business, which has a high margin, has also performed well. The integration of Helston Garages is progressing as planned, and the board of Vertu Motors is optimistic about the future. They anticipate that the full year results will meet current market expectations and are excited about the opportunities that their expanded portfolio will create.

FutureCar Staff