Lexus Slashes Prices on Electric and Hybrid Models to Drive Sales
Are you in the market for a luxury electric or hybrid car? Well, now might be the perfect time to make your purchase, as Lexus, the renowned Japanese luxury car brand, has recently slashed prices on its electric and hybrid models in an effort to boost sales.
In today’s electric vehicle (EV) market, fleet demand is driving sales, with many drivers taking advantage of low-tax salary sacrifice schemes through their employers. However, to attract more private buyers, Lexus has made significant price reductions across its lineup.
The price cuts are particularly notable on higher-spec variants, with some models seeing reductions of up to £7,100. For example, the smallest EV model, the UX300e, now starts at £40,795, down from £47,495. The larger RZ450e has also seen a price reduction, now priced at £57,895, a £2,100 decrease. Hybrid models like the NX450h+ and RX450h+ have also been discounted to entice more Britons into showrooms.
The only model unaffected by the price cuts is the new LBX, which was recently named What Car? of the Year for 2024. Despite the reductions, Lexus assures customers that there will be no compromise on quality, reliability, or customer service.
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.”
These price adjustments come at a time when private sales of EVs are lagging behind fleet registrations. While new car sales have surpassed one million for the first time since 2019, private sales have fallen by 15.3%. Lexus, however, is bucking the trend with 8,036 units sold from January to June, a 20% increase from the same period in 2023.
Furthermore, Lexus is ahead of the new zero-emission vehicle sales rules for 2024, with an EV share of around 30%, surpassing the required 22% target. The Zero Emission Vehicle (ZEV) mandate aims for manufacturers to sell an increasing share of electric cars each year, reaching 100% by 2035.
With these price cuts and strong sales performance, Lexus is well-positioned to surpass its best UK sales record of 15,963 cars last year. So, if you’ve been eyeing a luxury electric or hybrid vehicle, now might be the perfect time to visit a Lexus showroom and take advantage of these attractive prices.