Electric vehicle supply surpasses demand as Ulez expands, according to Vertu dealership.

author: FutureCar Staff    

Tesla car plant (via REUTERS)

Car dealership Vertu Motors has revealed that the supply of electric vehicles is surpassing the demand, despite the expansion of ULEZ. The dealership chain, which has 189 sales and aftersales outlets including several in the London commuter belt, stated that increased sales of new cars have helped them achieve expected profits for the year. However, they noted that the supply of electric vehicles has grown significantly without a corresponding increase in demand, leading many manufacturers to reduce prices.

"Recent increased supply of new electric vehicles appears to be exceeding retail demand, creating an imbalance in pipeline inventory coming into the key plate change month of September," Vertu Motors said. "Manufacturers are reacting to this through the offer of discounted prices and supported finance rates to stimulate retail demand. Fleet sector demand for electric vehicles remains robust and is currently critical to the electrification of the vehicle parc."

Tesla, which does not sell through dealerships, has recently reduced prices on many of its models, joining other high-profile electric vehicle manufacturers in doing so.

Robert Forrester, CEO of Vertu Motors, expressed his satisfaction with the positive trading performance. He thanked the Vertu team for their hard work and dedication, noting that used car pricing has remained strong and the company has gained market share in the new car market. The aftersales business has also performed 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 their expanded portfolio will bring to Vertu Motors.

FutureCar Staff