Philip Nothard’s Post

Excellent insights as always from Philip. Let's not forget that we are only at the beginning of the end of the "ICE" age and have only really been living with BEV's since 2021 when manufacturers such as VW introduced the ID range. Of course Hyundai, Kia, Renault and BMW etc. had already dipped their toes into the battery waters of the time however, cars such as Niro, Ionic, ZOE and I3 were seen more as novelties than market alterning. Yes, Leaf etc appeared back in 2012, but it was an outlyer of its time in a market where now every manufacturer is scrambling to produce an appealing BEV and have no quims in sacrificing previous models through price adjusting not to mention the isolation of existing customers now faced with a huge cost of change due to these price adjustments.

Did you know... The competition among electric manufacturers to capture share is becoming more intensive with average discounts of 10.6% on the typical new electric vehicle compared to non-electric cars with 7.7% average discount, and four in every five new EVs comes with a reduced or zero finance offer as manufacturers try to tempt buyers and maintain their market share.

The idea that EVs are on the downturn could not be further from the truth. We have another likely record setting year here in the US! And that’s on top of growth for hybrids and PHEVs.

More drivers are choosing to lease used EVs to avoid residual value depreciation. Discover the rising trend and its impact on the automotive market #ElectricVehicles https://bit.ly/3Y9SlUy

November 23, UK's EV share dropped to 25.7% from 27.7% YoY, attributed to anticipations of stricter "ZEV mandate" regulations which started January 1st. Despite the dip, year-to-date EV sales stayed robust. This year, a slowdown is expected due to challenges transitioning from early adopters to the mass market, impacted by macro-economic challenges and higher interest rates 💰 Cost remains a significant bottleneck, with EVs currently more expensive than internal combustion engine vehicles, particularly in Europe and North America. Car manufacturers in 2024 must revisit pricing strategies to make EVs more accessible to the mass market. 💵🌍 To stimulate demand, industry players have made significant price cuts in 2023, a trend likely to continue in 2024 as competition intensifies. Moreover, addressing long-standing issues with EV chargers, such as payment silos, undersupply, long charging times, and reliability concerns, will contribute to enhancing convenience and access for consumers. ⚡🔧🚗 #EVInsights #2024Outlook #EVCharging #EVPricingStrategies  ___________ Helping UK businesses to transition to zero-emission vehicles in their fleets electrassure.co.uk Source: Automotive Management Online

The "Road to 2035" report by Auto Trader focuses on the progression of electric vehicle (EV) adoption in the UK, highlighting challenges and opportunities in the industry. Key points include the cooling of retail demand for new EVs despite rising incentives, increasing supply of used EVs leading to price drops, and the pressure on traditional car manufacturers due to the emergence of new, often Chinese, entrants in the market. This landscape shift, compounded by government policy changes and consumer hesitancy, underscores the need for strategic adaptations by automotive executives to drive EV adoption and meet future targets. For a detailed understanding, you can access the full report [here](https://lnkd.in/efQwvWgD).

This informative Claims Journal article dives into the latest trends from Mitchell's EV report, including the differences between EV and ICE vehicle claims from last quarter. Average claims severity fell in Q1, but severity costs for EVs continues to outpace ICE vehicles. In the U.S., the severity difference between the two powertrains was $1,363 or 29% ($6,066 versus $4,703) and in Canada it was $1,700 CAD or 33% ($6,810 versus $5,110 CAD). Read the article: https://bit.ly/3Xf4wPE

And some well qualified buyers I have spoken with, when faced with the EV-ICE decision in the past year chose ICE, effectively locking them in (for that one vehicle at least) for the foreseeable future. (They are the owners who buy and hold vice buy and upgrade or lease). The industry must make changes and the current favorable government policies seem to have come up far short. There are use cases for EV adoption, but could it be that personal vehicles was never one of them?

Van market sustains growth but electric uptake must rise faster - 17th month of growth in LCV market as volumes rise 1.9%. - Growth fuelled by midweight vans as market records best May since record-breaking 2021. - Battery electric vehicle uptake rises but market still short of targets. https://lnkd.in/eP8deqxM

The ICE vs EV discussion keeps rearing it's head in the industry, interesting data and analysis coming out of Factor Sales showing that there are now undeniable trends in the pricing for parts with an EV application and those without. Has the tide turned? Is the infrastructure ready for it?