Vertu Motors, the motor dealer, has warned that there are more electric cars coming on to the market than there is demand for.
In a trading statement, Vertu Motors said it will beat last year’s interim pre-tax profits of £28 million when it reports its financial performance for the six months to August 31.
But while it is seeing volume growth in new car sales as manufacturers’ supply constraints during the pandemic continue to ease, it warned: “Recent increased supply of new electric vehicles appears to be exceeding retail demand, creating an imbalance in pipeline inventory coming into the key plate-change month of September.
“Manufacturers are reacting to this through the offer of discounted prices and supported finance rates to stimulate retail demand.”
It added: