The transition to battery electric vehicles (BEVs) comes at a time when there are lots of moving parts in the automotive industry – agency, regulatory changes (including consumer duty), and new mobility products such as subscription and new rental products.
The EV transition saw the UK government and auto industry originally focused on selling new EVs and getting a fully functioning charging infrastructure in place. But while the supply of EVs is starting to improve, demand is suffering as a result of a poor second-hand EV market.
During the keynote session at the recent Asset Finance Connect (AFC) Autumn 2023 Conference, a panel of industry experts including Professor David Greenwood, CEO of the High Value Manufacturing Catapult at WMG, University of Warwick; Richard Jones, Managing Director of MotoNovo Finance; and Marcella Merli, Head of CA Auto Bank Italy joined Asset Finance Connect’s Head of Content, David Betteley, to discuss how the industry must now turn their attention to the EV market for the second buyer, focusing on incentives and the type of finance products available, in a bid to ramp up second-hand EV sales and boost confidence in electric vehicles.
The accompanying summary and analysis of the interview can be found here.
The key points raised in the conference discussion focused on:
- Fleets are driving the EV transitions due to salary sacrifice and Benefit-in-Kind incentives
- There is a need to boost confidence in EV battery longevity and charging infrastructure to fuel demand, certainty and stability in pricing
- Finance products and incentives are required for the second-hand EV market to kickstart demand
- Adoption of social leasing schemes in Europe to enable increased EV uptake
- Impact of Chinese automakers on the European BEV market
Following on from the panel discussion, we asked AFC’s head of content David Betteley to provide an analysis on the conference session, and his thoughts on the session can be found at https://www.assetfinanceconnect.com/webcast/driving-the-electrification-of-the-auto-industry/
AFC Autumn Conference 2023
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