Electric vehicles supply exceeds demand

author: FutureCar Staff    

Car dealership Vertu Motors has revealed that supply of electric vehicles is surpassing demand, despite the expansion of ULEZ. The dealership chain, which has 189 sales and aftersales outlets, including some in the London commuter belt, reported that improved sales of new cars have helped ensure that this year's profit will meet expectations. However, Vertu Motors noted that supply of electric vehicles has grown significantly without a corresponding increase in demand, leading many manufacturers to reduce prices. Manufacturers are offering discounted prices and supported finance rates in an attempt to stimulate retail demand, as the increased supply of new electric vehicles appears to be exceeding retail demand. It is worth noting that demand for electric vehicles in the fleet sector remains strong and is crucial to the overall electrification of vehicles.

Tesla, which does not sell its vehicles through dealerships, has recently joined other high-profile electric vehicle makers in cutting prices. The cost of many Tesla models has been slashed multiple times. Robert Forrester, Chief Executive Officer of Vertu Motors, expressed satisfaction with the positive trading performance and thanked the entire Vertu team for their hard work and dedication. He highlighted that used car pricing has remained firm and market share has been gained in the new car market. The performance of the high margin aftersales business has also remained strong. Forrester added that the integration of Helston Garages, a recent acquisition, is progressing well and is expected to deliver the planned synergies. The board of Vertu Motors remains optimistic for the future and anticipates that full-year results will align with current market expectations. They are excited about the opportunities that the enlarged portfolio will create for the company.

FutureCar Staff