A UK industry group says electric vehicle discounts are unsustainable as manufacturers continue to pour billions into price cuts to meet government quotas. The Society of Motor Manufacturers and Traders estimates producers spent over £5 billion ($6.7bn) slashing prices last year, working out to approximately $14,838.56 per battery-electric vehicle. Chief Executive Mike Hawes said this degree of financial support from manufacturers cannot persist, particularly as requirements escalate to 33% this year from the prior 28% benchmark.
While automakers in the UK are complaining about the government’s policies aimed at accelerating EV uptake, auto sector players like Massimo Group (NASDAQ: MAMO) in the U.S. have to…
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