DRIVERS will benefit from an electric car price war this year, according to a report.
Costs will fall due to increased competition from Chinese manufacturers, such as BYD and GWM, experts at Auto Trader predict.
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They expect the companies to capture a sixth of Britain’s new electric car market by 2030.
Their report also said the Government’s ZEV mandate — which rules that 22 per cent of new car sales must be zero emission vehicles — will also push down prices.
Auto Trader commercial director Ian Plummer said: “Drivers considering taking the first step on their electrified driving journey have never been in a better position to benefit from falling electric vehicle prices than in 2024.
“Even though the PM has pushed back the ban on sales of new petrol and diesel cars until 2035, the introduction of the ZEV mandate means that manufacturers are still under pressure to sell more electric cars and to do that, they’ll need to compete on price.
“The rise of China in electric cars will only add to that pricing pressure as they have the firepower to grab UK market share.
“To really ignite mass adoption of electric cars, the Government should consider a fairer approach by equalising VAT on public and private charging as well as reducing VAT on second-hand electric cars.”
