Electric vehicle supply surpasses demand amidst Ulez expansion, according to Vertu dealership.

author: FutureCar Staff    

Car dealership Vertu Motors has revealed that the supply of electric vehicles is surpassing demand, despite the expansion of ULEZ. The dealership chain, with 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, the dealership noted that the supply of electric vehicles has increased significantly, leading to an imbalance with demand. As a result, many manufacturers have been forced to reduce prices in order to stimulate retail demand.

Tesla, which does not sell through dealerships, has recently lowered prices on many of its models. The company is among the high-profile electric vehicle manufacturers that have had to adjust prices due to the excess supply. Despite this, the fleet sector's demand for electric vehicles remains strong and is crucial to the overall electrification of the vehicle parc.

Robert Forrester, the Chief Executive Officer of Vertu Motors, expressed satisfaction with the positive trading performance. He commended the hard work and dedication of the entire Vertu team and thanked them for their efforts. Forrester highlighted that used car pricing has remained stable and that the company has gained market share in the new car market. Additionally, the high-margin aftersales business has continued to perform well. Forrester also mentioned that the integration of Helston Garages is on track to achieve the planned synergies. The board remains optimistic about the future and expects the full-year results to meet current market expectations. They are excited about the opportunities that the expanded portfolio will create for Vertu Motors.

FutureCar Staff