EU Autos: BEV Pricing Monitor: Robust demand, lower discounts

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EU Autos: BEV Pricing Monitor: Robust demand, lower discounts

31 July 2026

EU Autos EquitiesAutomobiles

BEV Pricing Monitor: Robust demand, lower discounts Global

◆ Reversing last month’s increases, cash discounts in the UK and Pushkar Tendolkar*

Germany both decreased this month GlobalHSBC SecuritiesAutos Analystand Capital Markets (India) Private Limited

pushkarnarendratendolkar@hsbc.co.in

◆ That decline coincides with strong EV sales and order books, +91 80 4555 2752

implying that OEMs are not necessarily ‘pushing’ BEV sales Michael Tyndall*, CFA Senior Global Autos Analyst

HSBC Bank plc

◆ The robust organic demand, government support and lower michael.tyndall@hsbc.com

+44 20 3359 6301

incentives could help narrow the profitability gap of BEV vs ICE

Alice Martin*

Global Autos Analyst

Both UK and Germany saw reductions in discount rates this month: In Germany, HSBC Bank plc

cash discounts decreased 106bp MoM to 9.5% in July, with discounts now at a 5- alice.martin@hsbc.com +44 20 7992 0175

month low, but still largely in line with the long-term average. In the UK, discount rates

decreased by 96bp MoM to 11.0%, close to a 15-month low. The German EU Fund * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

and the UK’s ECG incentives, coupled with customer interest in EVs owing to high fuel not registered/ qualified pursuant to FINRA regulations

prices, have allowed OEMs to further reduce discounts. In addition to cash discounts,

they continue to offer finance deals with low annual percentage rates (APRs), albeit

these rates are slowly increasing and cash discounts declining in many cases MoM.

Resurgence in BEV demand and outlook: Typically, H1 and particularly Q1

represent a slow period for BEV sales. That trend seems to have been broken this year