Lexus slashes EV and hybrid prices to boost private sales

Japanese luxury brand Lexus has significantly cut prices on its electric and hybrid models in a bid to boost sales to private buyers.

The largest price reduction is over £7,000 on its smallest EV model, the UX300e which now starts at £40,795, down from £47,495 - a savings of £6,700.

The larger RZ450e has also seen a price cut of £2,100, bringing the standard version down to £57,895.

Lexus has also reduced prices on some of its hybrid models. The plug-in hybrid NX450h+ has been reduced from £54,950 to £49,995, and the RX450h+ from £67,100 to £63,995, representing savings of around £5,000 each. The only model not subject to price cuts is the LBX.

Chris Hayes, director of Lexus in the UK, stated, "At a time when people have become all too used to rising prices, we’re pleased to be reversing the trend and offering genuine reductions in the cost of ownership of our leading battery electric and plug-in hybrid models."

Latest figures from the Society of Motor Manufacturers and Traders (SMMT) showed that fleet new car registrations were up 14.2% year-on-year, while private sales fell by 15.3%.

At mid-2024, three in five (59.6%) new cars registered were for fleets, while only 38% were bought by private buyers. EVs represented less than one in five new cars being purchased privately.

Despite these trends, Lexus has seen a 20% increase in UK sales, selling 8,036 units between January and June, compared to 6,715 during the same period last year. The price cuts are expected to help Lexus surpass its previous best UK sales record of 15,963 cars.