A Japanese luxury car brand, Lexus, has made a significant price fall to its electric and hybrid models in the UK. This action is to boost sales and increase appeal to private buyers, as the UK car market is currently driven by light-footed sales. The price cuts range from £2,100 to £7,100, depending on the model, with the smallest EV model receiving the largest discount.
The Lexus RZ450e, the company’s smallest EV model, has seen a price reduction of £7,000, making it more budget for private buyers. Higher-spec variants have also seen significant price decreases, with 1 model receiving a £7,100 reduction. The plug-in hybrid NX450h+ and RX450h+ have had price reductions of around £5,000, making them more competitive in the market.
Fiat has also lowered the price of its 500e model, expanding its “E-Grant” and reducing the list price by £3,200. This move desires to motivate demand among private buyers, as the UK car market is currently overtaken by fleet sales.
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The price adjustments come as the UK car market faces an event towards electric vehicles (EVs). The Zero Emission Vehicle (ZEV) mandate, made law in January, needs manufacturers to sell a rising share of electric cars each year. Lexus is ahead of the curve, with an EV share of around 30%, exceeding the 2024 requirement of 22%.
However, there are rumours about the targets, with Labour’s manifesto vowing to reintroduce the 2030 deadline for the ban on sales of new petrol and diesel cars if it takes power. This could significantly shift the ZEV goalposts for car makers. Despite this, Lexus is well-known to meet the targets, with a strong sales record in the UK and a commitment to premium quality electrified motoring.
By Daily Mail news
