DRIVERS are looking at low-cost, in-stock electrified vehicles according to Leasing.com, the lease deal aggregator saying that demand has risen dramatically in Q2 2021.
Enquiries for electric vehicles (EVs) – incorporating pure-electric (pure-EVs), plug-in hybrids (PHEVs), and conventional hybrids – have increased 20% compared with the same period in Q1 2021, and were 290% higher than Q2 2019, the last ‘normal’ year of trading.
Trends show that the increase in demand is driven by the requirement for affordable, accessible EVs. It’s meant that Hyundai has replaced Mercedes-Benz as the most popular EV manufacturer in the period the Leasing.com data reveals.
Increased consumer demand for new vehicles – up 14% vs Q2 2020 – is part of a picture that shows EV adoption is outpacing conventional fuel vehicles.
Previous data analysis showed that total EV enquiries overtook diesels for the first time in Q2 2021, driven by a range of factors, including the coming 2030 ban on the sale of new petrol and diesel models, and environmental concerns from both consumers and fleet operators.
It is therefore of little surprise that Hyundai was the most in demand manufacturer in Q2 2021, judging by the variety of electrified models on offer from the Korean firm.
Historically, the broker lease marketing platform has seen EV leasing enquiries focused on premium models, but as increased number of cost-effective models come to market, that scene is changing. Almost half of Hyundai Ioniq enquiries were on leasing offers under £200 a month, and 82% of Hyundai Konas were on deals between £100-£300.
A range of contributing factors such as a global semi-conductor shortage for the automotive industry, consumers are increasingly turning from custom orders to pre-built vehicles. For Hyundai, 90% and 94% of enquiries were made on in-stock the Hyundai Ioniq and Kona respectively.
Paul Harrison, head of strategic partnerships at Leasing.com, said: “Our Q2 EV market report reaffirms the broad trends that we are seeing in the UK automotive market this year.
“Namely, that new car EV growth is outpacing all other fuel types, that consumers and SMEs are seeking out in stock vehicles because of ongoing supply issues and
affordability is key as we emerge from the pandemic. Leasing enables new car customers to try new technologies and access available stock at an affordable monthly cost.”
Hyundai number one with Fleet Procure
The demand for Hyundai’s products appears to be strong across the board, with the broker/dealer procurement platform Fleet Procure, a partner of Broker News, announced that the best selling model on its platform in June was the Hyundai Kona.
Such demand is continuing, according to managing director Lee Jones, who tells us that the VW ID.3 was the second most ordered vehicle on the platform in July and that both the Skoda Enyaq and Hyundai Kona were in the top 10. Reporting on LinkedIn, Jones said:
The latest registration figures from the SMMT show that demand for plug in models continues at pace, with plug-ins taking a 17% market share against diesel’s 12.6% market to date (July).
It suggests that media reports of buyer resistance regarding price and range of EVs is changing swiftly and that the electrification switch is happening faster and quicker as more new models become available.
