Electric vehicle profit margins exceed £3k
Electric vehicle profit margins rose 9.3% in May, according to Dealer Auction’s latest EV Performance review.
It found that average EV prices rose by more than £2,000 in May, with margins increasing to £3,059.
The review also found that average mileage of sold EVs fell to 27,371, with the average age falling from 3.4 years to 3.2 years.
Meanwhile, hybrid sales were up by 29% to increase sales share from 5.5% to 7.2%.
Top models
Among the best performing models, the hybrid Lexus UX reported an average retail margin of £4,722, with the electric Tesla Model 3 (£3,710) and the hybrid Lexus RS (£3,692) completing the top three.
Dealer Auction’s marketplace director, Kieran TeeBoon said: “May has been another high-performing month for AFVs. We’re seeing growth in profit, sales and consistency in model preferences, all of which is a move in the right direction.
“Dealerships can take great encouragement from these statistics. Not only is it becoming clearer which types of EV they should sell, but we can see how the market is frequently demonstrating its profitability. It’ll be exciting to see whether this positive trend continues in next month’s figures.”
