Automotive update: the EV price challenge has begun

January has gone well for most of my customers but as ever it depends on the brand.

Last month I described the Goldilocks scenario (where the market is neither too hot nor too cold, but just right) and this still continues. However, the recent Tesla price drop has started the EV price challenge earlier than I expected when I forecast the EVs would be the area that would struggle this year. There will be opportunities in EVs, but as residuals drop quickly in the coming months, there are going to be some balance sheets that get stretched – especially finance houses who will be on the wrong side of the residual curve.

Headline Autotrader figures

  • 2022 stock MoM 4.5% increase, YoY 23.0% increase
  • 2021 stock, MoM -10.6% decrease, YoY 10.2% increase
  • 2020 stock MoM -9.8% decrease, YoY -36.5% decrease
  • Total market MoM -6.0% decrease, YoY -3.8% decrease

Top 5 brands by market share of 2021 stock

  • Ford 9.2%
  • BMW 9.1%
  • Toyota 8.1%
  • Audi 8.1%
  • VW 7.8%

Enjoy February and I hope you set yourselves up well for March when maybe we will see some plate change fun at last.

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About the author - Harry Bott

Harry Bott, Director at Mediahawk, has over 20 years of experience helping marketers generate a better response from their marketing. He has enabled businesses to improve their conversion rates through his consultative approach and deep understanding across various sectors, including automotive and care homes.

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