Carmakers in leading Western markets are significantly increasing discounts on electric vehicles (EVs) to counter weaker-than-expected demand, The Financial Times reports.
Sales and financial data compiled by HSBC indicate that, for the first time, carmakers are offering deals on EVs to shift vehicles that previously had months-long waiting lists.
In the UK, the average discount in October was 11% below the recommended retail price, while in the US, discounts on EVs were at 10%. This contrasts with a year ago when discounts in Germany were barely offered.
Rising prices, negative publicity around charging and safety, and political attacks on EVs have contributed to a sharp deceleration in sales growth, marking the first global slowdown in EV demand since sales took off three years ago.
