New car market holds steady as fleets drive growth
New car market holds steady as fleets drive growthJun 05, 2024
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EU Commission to postpone Chinese EV tariff decision, source saysThe European Commission will postpone its decision on Chinese electric vehicle tariffs until after the European Parliament election on June 9th, a source familiar with the matter told Reuters on Wednesday. The provisional tariffs, which were expected to be announced by June 5th, would be a sticker shock representing billions of dollars in new costs for Chinese electric car makers.
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Changes to the automotive industry can’t leave retailers behindSeismic changes to the automotive industry have done little to dilute the vitally important role played by dealers, according to Steve Young, writing in Cox Automotive’s Insight Quarterly. Stories of consolidation, shifting manufacturer strategies, and the ongoing agency model debate have only underpinned the crucial role dealers continue to play in the sector’s evolution.
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EU Commission to postpone Chinese EV tariff decision, source says
Changes to the automotive industry can’t leave retailers behind
Leapmotor International to expand global EV sales from September 2024Stellantis N.V. and Leapmotor have announced that the formation of Leapmotor International B.V., a 51/49 Stellantis-led joint venture, is now complete after receiving all required authorisations.
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Government support crucial to stimulating used BEV salesGrowth in the new BEV market has been underpinned by benefit-in-kind (BIK) incentives available to fleets and business users. While some private ‘buyers’ have been able to benefit from such incentives under salary sacrifice schemes and, to a limited level, have been able to access a nearly new, used BEV, provided it has previously been leased under a BIK scheme, many private buyers do not have access to such employee benefit schemes.
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Sourcing suitable stock is a challenge for more than two-thirds of motor dealersDealers need to ensure that their forecourts are well stocked to meet consumer demand, but this can be easier said than done. More than two-thirds (68%) of dealers are finding it challenging to source the right stock at an affordable price, according to the latest Forecourt Foresight research from Close Brothers Motor Finance
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New car market growth continues despite declining private demandUK new car registrations grew for the 21st consecutive month in April, rising by a modest 1.0% to reach 134,274 units, according to the latest data published by the Society of Motor Manufacturers and Traders (SMMT). As a result, this was the market’s best April since 2021, although uptake was still -16.6% below the pre-pandemic level in what is traditionally a low volume month following the March plate change.
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Toyota Kreditbank expands financial offering for dealersToyota Kreditbank has further expanded its white label financial solutions by partnering with Wahl Finance and Flegel Finance. In 2018, Toyota Kreditbank GmbH (TKG) introduced a white label solution, empowering dealerships to establish their own financial presence. This innovative approach enabled multi-brand retailers to provide financial solutions under their own brand, tailoring products to their customer base.
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Leapmotor International to expand global EV sales from September 2024
Government support crucial to stimulating used BEV sales
Sourcing suitable stock is a challenge for more than two-thirds of motor dealers
Toyota Kreditbank expands financial offering for dealersEVs stayed in stock almost half the time as ICE models reveals Q1 insight from MotoNovo FinanceMotoNovo Finance’s Q1 Used Inventory Insight report reveals that while battery electric vehicles (BEVs) were in stock for an average of 32 days, ICE models were stocked for 59 days. This perhaps surprising reality is one of the key findings from MotoNovo’s latest Used Inventory Insight report for Q1.
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Government’s EV incentives undermine marketThe government’s approach to encouraging wider take-up of EVs is failing in its objective of stimulating consumer demand, according to politicians, senior industry executives and analysts, amid warnings that if current policies are not revised, there is a risk they will “kill” the domestic automotive industry by distorting the market.
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Charged with positivity – but new market remains far from ‘normal’A strong start to the UK’s new car market in 2024 has brought with it reasons for caution, according to Cox Automotive’s new periodical, Insight Quarterly (IQ). Positivity stems primarily from the relatively healthy start to the year for new car registrations, which were up 10.4% year-on-year in Q1. However, questions remain about the ZEV mandate's effect on the sector, what will happen after the next general election, and when the market will finally return to its pre-pandemic normality.
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Automotive “reverting to type” in a bid to face down EV challengesManufacturers and dealers alike have reacted to recent industry shifts by focusing more on simply selling vehicles, according to Regit’s Chris Green. The digital garage’s Founder and CEO spoke about recent attitudes to EV adoption from the perspective of manufacturers and customers in Cox Automotive’s latest Insight Report. Green thinks the ICE vehicle ban deadline change along with other factors, including the ZEV mandate, had caused a pronounced shift in the sector.
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Boost for drivers as government delivers millions for EV chargepointsElectric vehicle (EV) drivers without driveways or dedicated parking spaces can access the Government’s electric vehicle charge point grant for the first time. The Government has announced that the £350 grant will be widened to those who own or rent and have access to adequate street parking, providing up to 75% off the cost of purchasing and installing a charge point.
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Fuel-type forecast highlights radical change for UK car marketThe UK car market is set to undergo a radical change by 2028 according to the latest Cox Automotive new and used car market forecast. A dramatic decline in new diesel cars and a reduction in petrol registrations will have a profound impact on the used market. The forecast – which includes fuel-type breakdowns for the first time - indicates that in the period 2024-27, EV share of registrations will grow 160% vs 2020-23 volumes to 2.3 million units or 28% of sales.
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New car market records best February for 20 yearsThe UK new car market has recorded its best February performance for two decades as registrations rose 14.0% to 84,886 units, according to the latest figures from the Society of Motor Manufacturers and Traders (SMMT). It was the 19th month of consecutive growth, which has primarily been driven by fleets investing in the latest vehicles.
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Rightcharge collaborates with Mercedes-Benz Vans in the UKEV charging software company Rightcharge has joined forces with Mercedes-Benz Vans in the UK to help make it more affordable and accessible for businesses looking to operate and charge electric vehicles. Rightcharge provides electric van drivers with an end-to-end solution for charge point installations. Drivers can choose from a selection of charge points, access market-leading prices from a network of vetted and monitored installers, and pay for their installation seamlessly in one place.
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Car industry urges ‘fair tax for a fair transition’ to put EVs back in the fast laneThe automotive industry is calling for the Chancellor to use the upcoming Budget to put the UK’s shift to electric vehicles (EVs) back in the fast lane, with fair taxes for a fairer transition. New research commissioned by the Society of Motor Manufacturers and Traders (SMMT) from Savanta has revealed that rising numbers of would-be EV drivers are now likely to delay their switch to a battery electric car – but a three-point plan of tax reform would recharge the market and accelerate the UK’s progress towards net zero.
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Stellantis reports record full-year 2023 resultsStellantis N.V. has today reported record full-year 2023 results. Net revenues grew 6% y-o-y to €189.5 billion, net profit rose 11% to €18.6 billion, and industrial free cash flows increased 19% y-o-y to €12.9 billion. Global battery electric vehicles(BEV) sales were reported to be up 21% y-o-y and low emission vehicle (LEV) sales are up 27% y-o-y.
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EVs stayed in stock almost half the time as ICE models reveals Q1 insight from MotoNovo Finance
Government’s EV incentives undermine market
Automotive “reverting to type” in a bid to face down EV challenges
Boost for drivers as government delivers millions for EV chargepoints
Fuel-type forecast highlights radical change for UK car market
New car market records best February for 20 years
Rightcharge collaborates with Mercedes-Benz Vans in the UK
