Lexus slashes up to £7100 off EV and hybrid line-up

As of July, the standard UX 300e has a starting price of £40,795 – £7100 less than in April

UX, NX, RZ and RX receive price cuts in bid to stimulate lagging new car sales

Lexus has slashed thousands of pounds from the prices of most of its line-up.

The Japanese brand, which serves as Toyota's luxury arm, has most notably cut the price of its entry-level electric model, the UX 300e, by up to £7100. The range now starts at £40,795.

Its EV stablemate the RZ 450e has been cut to £57,895 for the standard car, £2100 less than what it was in April. 

The hybrid NX 450h+ and flagship RX 450h+, which are the brand's most expensive PHEVs, have been cut from £54,950 to £49,995 and from £67,100 to £63,995 respectively.

No price cuts have been given to the LBX, which went on sale earlier this year from £29,995.

The price adjustments are likely to be part of a push by the brand to stimulate stagnating sales: last month the UK's new car market grew just 1.1%, propped up by fleets (up 14.2%) amid a 15.3% decline in the private sales.

Any reinvigoration would put Lexus on course for its best year in the UK. The car maker sold some 8000 cars in the first six months of 2024, more than half of last year's record-breaking 15,963. 

Slashing the RZ and UX prices also indicates that Lexus is looking to secure its ZEV mandate target early (by law, 22% of a car maker's total sales in 2024 must be made up of EVs), given slowing demand for electric models in the private market (down 11% year to date). Lexus's EV sales share is currently around 30%.

Autocar has approached Lexus for comment.

Other manufacturers are also offering price cuts, albeit in the form of deposit contributions. For example, Audi is offering a £14,000 contribution on the E-tron GT, BMW £4167 towards the iX xDrive 50 M Sport and Volvo £8000 towards the XC40 Recharge.