EV manufacturers slash prices
Electric vehicle manufacturers are cutting prices by thousands of pounds on some of the newest models.
Exclusive research by What Car? found electric vehicle (EV) manufacturers are discounting some of their newest vehicles to boost demand.
The price cuts come ahead of the 2020 Budget, announced on 11 March, which is expected to introduce further measures to increase electric vehicle sales. The Chancellor of the Exchequer, Rishi Sunak, is expected to use the Budget to rubber-stamp proposed changes to Benefit-in-Kind (BIK) rates which will see fully electric vehicles registered after 6 April 2020 pay zero per cent company car tax, rising to one per cent the following year, and two per cent the year after.
The Treasury is also expected to continue to offer the Plug-in Car Grant for new electric vehicle buyers.
Steve Huntingford, editor of What Car?, said: “Electric vehicle registrations continue to rise year-on-year, but these models are still pricier than their petrol and diesel counterparts. The industry and Government are both clearly looking to increase demand – the industry through attractive discounts, and the Government through means of tax cuts and financial rewards as part of the 2020 Budget.”
