The new car market will be hit with challenges and pressures at the end of 2024 that will be reminiscent of, or may even surpass, those felt during the economic crash of 2008 and the pandemic in 2020, a new report claims. This will be down to the volatility created in the quarter by the ZEV mandate – the new law which demands a percentage of car makers' total sales be EVs – with manufacturers making strategic and tactical plays so as to hit the government's legislative target.
“They’re under impossible financial pressure, facing increasing competition, and carrying the responsibility to fast-track the transition to zero-emission motoring. “They have little choice but to push hard to make their EV products appealing to buyers, be that through financial incentives or by limiting the alternatives.