Electric vehicle supply exceeds demand amid Ulez expansion, according to Vertu dealership

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【Summary】Supply of electric vehicles is exceeding demand, leading to an imbalance in inventory and causing manufacturers to cut prices. Despite this, car dealership Vertu Motors expects its profit this year to be in line with expectations. Fleet sector demand for electric vehicles remains strong. Tesla has recently cut prices multiple times. Vertu Motors remains optimistic about the future and the opportunities from its enlarged portfolio.

FutureCar Staff Sep 03, 2023 4:33 PM PT

Electric vehicle supply exceeds demand amid Ulez expansion, according to Vertu dealership

Vertu Motors, a car dealership chain, has revealed that the supply of electric vehicles is surpassing the demand, despite the expansion of ULEZ. The chain, which has numerous sales outlets in the London commuter belt, stated that while sales of new cars have improved, the supply of electric vehicles has exceeded retail demand. This has led to manufacturers reducing prices and offering supported finance rates to stimulate retail demand. However, demand for electric vehicles in the fleet sector remains strong and is crucial for the overall electrification of vehicles.

Tesla, known for not selling through dealerships, has recently joined other high-profile electric vehicle manufacturers in cutting prices. The cost of many Tesla models has been reduced on multiple occasions. Despite this, Vertu Motors reported positive trading and expects its profit for the year to be in line with expectations. The company has gained market share in the new car market and its high-margin aftersales business has remained strong. The integration of Helston Garages is progressing as planned, and the company remains optimistic about the future and the opportunities created by its enlarged portfolio.