The Race to Shift to Electric Vehicles: Car Makers Offer Big Discounts

Introduction

In the current tough market conditions, car manufacturers are resorting to significant discounts to meet mandated EV sales targets. The biggest discount available right now is £21,395 off the Audi E-tron GT.

Market Trends

Recent data from the SMMT shows that average discounts for new electric cars in the UK now surpass those for petrol cars. This shift marks a pivotal moment in the industry’s push to achieve a mandated 22% of sales as electric cars by 2024.

Challenges and Targets

While electric car market share in the UK stands at 16.6% in 2024, there is still ground to cover to reach the 22% target. Car makers face fines for missing this goal as outlined in the ZEV mandate legislation.

Discount Strategies

With high interest rates, living costs, and consumer confidence issues, car makers are left with no choice but to discount prices. Data from What Car? reveals that the average discount on new electric cars is now 9.9%.

Individual Models

Brands like Mazda, Vauxhall, and Fiat are offering significant discounts on their electric car models. Ford is also making efforts to meet the ZEV mandate by offering discounts on the Mustang.

Biggest Discounts

The Audi E-tron GT leads with a £21,395 discount, while BMW offers the highest discount overall. Premium brands like Audi and BMW are known for offering substantial discounts on their models.

Industry Challenges

Car makers are facing challenges with the shift to EVs, with some expressing concerns about the ZEV mandate. Stellantis CEO Carlos Tavares has criticized the mandate, highlighting the financial strain it puts on manufacturers.

Conclusion

As the industry navigates the transition to electric vehicles, discounts play a crucial role in driving sales. Car makers must balance meeting targets with financial sustainability in a rapidly evolving market.