Automotive and Transportation
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Automotive and Transportation
Source : (remove) : This is Money
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Plunging EV prices costing fleet businesses 'hundreds of millions'

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Car leasing firms say they have been the driving force behind EV growth - but are now being being left to 'shoulder' massive losses resulting from plummeting residual values.
The article from This is Money discusses the significant drop in used electric vehicle (EV) prices, which is causing substantial financial losses for fleet operators. According to the article, used EV prices have fallen by as much as 40% in the last year, leading to losses of hundreds of millions of pounds for companies that manage large fleets of vehicles. This price plunge is attributed to a combination of factors, including an oversupply of used EVs on the market, reduced consumer demand due to concerns over charging infrastructure, and the rapid depreciation of battery-powered vehicles. Fleet operators, who typically buy new EVs and sell them after a few years of use, are now facing severe financial strain as the resale value of these vehicles has plummeted. The article also mentions that some fleet managers are considering holding onto their EVs longer or exploring alternative disposal methods to mitigate losses.

Read the Full This is Money Article at:
[ https://www.thisismoney.co.uk/money/cars/article-14607043/Plunging-used-electric-car-prices-costing-fleet-operators-hundreds-millions.html ]