Suzuki GB expects EV market to reach price parity with ICE by 2024

Dale Wyatt, Suzuki GB director of automobile, is expecting electric vehicle price parity with internal combustion engine (ICE) vehicles by 2024.

Wyatt spoke to members of Vehicle Remarketing Association (VRA) at the organisation’s Annual General Meeting (AGM) last week.

He said getting to the tipping point for the EV market would require a concerted effort on the part of the remarketing sector as well as a range of customer incentives.

Wyatt said: “It looks as though used ICE and EV cars will start to reach some kind of price parity over the next year and I expect that trend to equally apply to new cars as we edge towards 2024.

“Price parity will be a key moment as there is still going to be customer resistance to EVs and there will need to be incentives to overcome that.”

Wyatt suggested those EV incentives could take several forms, which will depend on where cash is available and what motivates buyers.

He said: “It does feel now as though a tipping point is not far away where EVs will just become an everyday part of the car market.”

EV sales skills will be crucial

Peter Smyth, director at Swansway Motor Group, provided a dealer perspective on current issues.

He backed the idea of incentives but said that simply getting better at selling EVs would be crucial.

“It’s not something that is much discussed but what the retail motor industry is really good at, is selling.

“We have great sales skills and using them will be crucial to making EVs a success, with salespeople in dealerships making the right deal, matching the right customer to the right electric car and the right finance product.

“Of course, there will probably need to be incentives and ‘cash on the bonnet’ in the form of manufacturers' subsidies will also form part of this story.”

A panel discussion on mental health and wellbeing in the remarketing sector featured Rachel Clift, health and wellbeing director at motor industry benevolent charity BEN; Stephen Whitton, founder of enable, which is the VRA’s mental health partner organisation; and Danielle Grant, training officer at Compass, which provides wellbeing consultancy and training solutions.