Figures reveal winners and losers in the market place

Although the headline figures show another year-on-year month of growth for the new car market in November, it disguises the fall in the private market which was down almost 10 per cent in the month and is only up one per cent 1% in 2023.
The fleet and business market reflects the increase in the Motability numbers as catch-up following Covid is now complete and the return to discounts by the manufacturers for the large fleet and rental companies to compensate for the lack of private demand.
Electric cars continue to be an incentive for company car drivers but the government is being driven to provide further incentives for private buyers if it wants to meet its objective in 2024. There have been announcements of new battery swap stations which can change a depleted battery for a fully charged or 80 per cent charged battery in less than five minutes. Stellantis, who have the Peugeot, Vauxhall, Fiat, Alfa Romeo and Citroen brands in their portfolio, have teamed up with an American company called Ample. The initial programme will start in Madrid in 2024 using a fleet of 100 Fiat 500ees and should remove the concern of time taken to recharge.
Private buyers are finding it more difficult to change their cars with some hoping to reduce their spending to help with the increase in mortgage payments as fixed rates expire, and the fall in interest rates is unlikely until the first quarter of next year.
In spite of this the good news is used car prices continue to fall and dealers are preparing for a bounce-back of demand at the traditional used car January sales.
There will be more introductions to the UK market from Chinese manufacturers which will provide proven products at competitive prices and help to stimulate the private market as inflation and interest rates fall.
The Chinese will produce a choice of internal combustion engine or electric cars across the range and are already the largest motor vehicle exporters in the world.
The commercial vehicle market is expected to introduce more efficient and better range electric products which will be cost effective for operators particularly in built up areas where mostly local deliveries or work is carried out.
This will help manufacturers to meet overall electric sales targets and help to balance prices.
With many new building projects underway and the demand for more affordable homes plus more investment to reduce the need for gas and electricity in subsidised improvements to homeowners, the future looks positive for commercial vehicle sales in 2024. There is still a shortage of sales advisors, motor technicians, and back up team members and many motor dealers are taking on record numbers of apprentices to correct this position with more interest for the service jobs as they become more technical to deal with the electric vehicles and more of a need for technical skills.
This also means better pay and less heavy work so there is more interest from young people.
As always change will provide opportunities.