Electric vehicle supply surpasses demand despite Ulez expansion, Vertu dealership reports

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【Summary】Supply of electric vehicles is exceeding demand, despite the expansion of ULEZ, according to car dealership Vertu Motors. The dealership chain stated that manufacturers are cutting prices due to the imbalance between supply and demand. Fleet sector demand for electric vehicles remains strong, but retail demand is lacking. Tesla has recently reduced prices for its electric models. Vertu Motors expects its profit this year to be in line with expectations, thanks to improved sales of new cars.

FutureCar Staff Aug 30, 2023 9:17 AM PT

Electric vehicle supply surpasses demand despite Ulez expansion, Vertu dealership reports

Car dealership Vertu Motors has revealed that the supply of electric vehicles is exceeding demand, despite the expansion of ULEZ. The dealership chain, which has numerous outlets in the London commuter belt, stated that while sales of new cars have improved, the increased supply of electric vehicles has not matched retail demand. This has led to many manufacturers cutting prices in an attempt to stimulate sales. However, demand for electric vehicles in the fleet sector remains strong and is crucial for the overall electrification of vehicles.

Tesla, a high-profile electric vehicle maker that does not sell through dealerships, has recently reduced prices on many of its models. Despite this, Vertu Motors remains positive about its trading performance. The company's CEO, Robert Forrester, expressed his gratitude to the Vertu team for their hard work and dedication. He also highlighted that the used car pricing has remained firm, and the company has gained market share in the new car market. The aftersales business has continued to perform well, and 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 market expectations.