Currently reading: Hyundai holds firm as EV discounts grow
Korean manufacturer limits discounts as rivals respond to Tesla's £8000 price drop

Hyundai is keeping a watching brief on electric vehicle pricing, UK boss Ashley Andrew has admitted in the wake of increased discounts and incentives being applied by rivals as they seek to maintain sales momentum.

In January, Tesla signalled the highest-profile discounts when it slashed up to £8000 off the price of its cars. At the time, rivals predicted that the move would backfire as it would undermine residuals and, in turn, lease payments.

However, data from What Car? suggests that many rival manufacturers have subsequently responded, albeit more covertly by offering low interest rate deals, dealer and manufacturer incentives and more. The average discount of an EV’s price is now 3.1% or £1805 - the highest it has ever been.

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