Car makers are offering record discounts on new electric vehicles in a desperate bid to invigorate demand as binding end-of-year sales targets looming, data suggests.
The Zero Emission Vehicle (ZEV) mandate, introduced by Government this year to force manufacturers to increase their share of EV sales from now until 2030, threatens fines of £15,000 per electric car below the required quota.
And some car companies falling short of this year’s threshold are slashing prices by amounts similar to the financial penalties to shift more stock, according to data supplied by car sales platform Auto Trader.
Additional market analysis by valuations experts Cap Hpi has also found the price of new petrol and diesel models has accelerated at a faster rate than EVs in the last 12 months as car makers look to launch more affordable battery vehicles.