Question to the Department for Transport:

To ask the Secretary of State for Transport, what assessment her Department has made of trends in the residual values of (a) battery electric vehicles and (b) internal combustion engine vehicles; and what assessment she has made of the impact of those trends on the vehicle leasing and rental sectors.

The Government is aware that, despite strong growth of the used electric vehicle (EV) market, the residual values of some EVs have depreciated more quickly than their internal combustion engine equivalents. The used EV market continues to mature, but we are aware that developments in EV technology and increasingly affordable new models have put downward pressure on used EV prices.

We are actively supporting industry-led working groups focused on the used EV market and supporting the health of the rental and leasing sectors. We will continue to work closely with industry, including the British Vehicle Rental and Leasing Association, on this.