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EV Reality Check: Affordability, Retail Resilience, and China’s Tech Race
The UK automotive market is at a turning point, with electric vehicles (EVs), new retail models, and Chinese competition reshaping the landscape. Ian Plummer, Commercial Director at Auto Trader, joined Auto Futurecast to share his perspective on affordability, consumer behaviour, and how retailers can adapt in this fast-moving environment.
⚡ EV Affordability and Adoption
- Price gap between ICE and EVs has narrowed from 36% to 23%.
- Greater model availability, especially under £30k, is driving demand.
- Used EVs are fuelling broader adoption.
- Salary sacrifice remains a powerful, underappreciated driver of uptake.
🔋 Multi-Life Vehicles and Residual Values
- EV depreciation steepened in early 2023, but stabilised once parity was reached with ICE.
- 2–5 year old EVs are now the fastest turning segment on Auto Trader.
- Longer lifecycles, refurbishment, and second-life battery value will underpin sustainable growth.
🇨🇳 Lessons from China
- China’s EV market is already at mass adoption—quality, affordability, and tech are givens.
- The new battleground is autonomous features, with “Level 2++” fast becoming the norm.
- Chinese brands are setting the pace in over-the-air updates, voice-first interfaces, and customer feedback loops.
🏪 The Future of Automotive Retail
- Despite challenges, UK retailers remain resilient, averaging 1.5% long-term profitability.
- Digital transformation and AI offer efficiency gains in finance, service booking, and lead management.
- Consumer-controlled booking tools (e.g., test drives) boost conversion by up to 50%.
- The biggest untapped opportunity? Retention of used car customers into aftersales and repeat purchases.
🧭 Key Takeaways
Retailers must rethink retention, embrace digital, and prepare for a more complex, multi-brand EV market. Success will come from meeting consumers where they are, whether on price, tech, or ownership flexibility.
Subscribe to catch up and listen to all of our episodes where we talk all things EV, AV and the innovative tech shaping the future of mobility.
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By Chris KirbyThe UK automotive market is at a turning point, with electric vehicles (EVs), new retail models, and Chinese competition reshaping the landscape. Ian Plummer, Commercial Director at Auto Trader, joined Auto Futurecast to share his perspective on affordability, consumer behaviour, and how retailers can adapt in this fast-moving environment.
⚡ EV Affordability and Adoption
- Price gap between ICE and EVs has narrowed from 36% to 23%.
- Greater model availability, especially under £30k, is driving demand.
- Used EVs are fuelling broader adoption.
- Salary sacrifice remains a powerful, underappreciated driver of uptake.
🔋 Multi-Life Vehicles and Residual Values
- EV depreciation steepened in early 2023, but stabilised once parity was reached with ICE.
- 2–5 year old EVs are now the fastest turning segment on Auto Trader.
- Longer lifecycles, refurbishment, and second-life battery value will underpin sustainable growth.
🇨🇳 Lessons from China
- China’s EV market is already at mass adoption—quality, affordability, and tech are givens.
- The new battleground is autonomous features, with “Level 2++” fast becoming the norm.
- Chinese brands are setting the pace in over-the-air updates, voice-first interfaces, and customer feedback loops.
🏪 The Future of Automotive Retail
- Despite challenges, UK retailers remain resilient, averaging 1.5% long-term profitability.
- Digital transformation and AI offer efficiency gains in finance, service booking, and lead management.
- Consumer-controlled booking tools (e.g., test drives) boost conversion by up to 50%.
- The biggest untapped opportunity? Retention of used car customers into aftersales and repeat purchases.
🧭 Key Takeaways
Retailers must rethink retention, embrace digital, and prepare for a more complex, multi-brand EV market. Success will come from meeting consumers where they are, whether on price, tech, or ownership flexibility.
Subscribe to catch up and listen to all of our episodes where we talk all things EV, AV and the innovative tech shaping the future of mobility.