AN EV owner has claimed that a sickening change has knocked thousands off the value of his car overnight.
Lee, who owns an all-electric Porsche Taycan, claimed to have lost out to the tune of thousands.
Speaking on his YouTube channel, he said he was left feeling "sick" after his most recent valuation.
Lee claimed: "The EV bubble has just burst.
"I've lost an incredible amount on this car.
"The price of my car has dropped an insane amount."
He blamed an announcement from Porsche that new Taycans would be discounted by a whopping £5,000 for "retail and business customers".
The Sun Online found the offer on the website for Porsche's franchises in a number of major UK towns and cities.
It explained that new Taycans ordered between October 27 and December 31 and registered by the latter date will come with a £5,000 "contribution" towards the cost.
As the ad suggests, this is only applicable to businesses buying Taycans as company cars or retailers buying them from new to sell on.
However, according to Lee, the price drop has made the Taycan significantly less valuable on the resale market.
He also slammed the Government's ZEV Mandate, which requires manufacturers to have electric cars make up 22% of their total sales by next year and 80% by 2030 or face hefty fines.
This is separate from the ban on new petrol and diesel cars, which was delayed from 2030 to 2035.
Lee alleged that this policy was forcing car makers to slash prices in a bid to stoke up demand, while also steadily increasing supply, which in turn devalues second-hand EVs.
He claimed that his latest valuation on November 2 had seen a whopping £11,500 taken off the value of his Taycan alone.
Indeed, just last month Telsa cut prices on some of its popular models to try and drum up sales.
Ford also slashed the cost of its flagship EV by £7,000 just days later.
And it seems like this may be necessary, as EV sales dropped in October, with new figures showing a worrying trend for major brands in a blow to the industry.
Social media commenters were stunned by Lee's plight.
One wrote: "Anyone who buys an electric car after watching this is clinically insane.
Another added: "Well Lee, it seems to be the right time to get rid of your Porche Taycan, before you lose all your cash."
However, it should be noted that EVs were generally more expensive from new than comparable petrol or diesel models so price cuts are good news for new buyers and are likely to make electric cars more accessible.
Likewise, cuts combined with less maintenance and lower running costs could see EVs become the more affordable option in the medium term.
Porsche declined to comment.
A Department for Transport spokesperson said: "It’s positive that electric vehicles are becoming more accessible for people to buy second hand, with this Government’s ZEV mandate giving certainty to the UK automotive industry and protecting British jobs."
It comes after a major manufacturer announced that two of its most iconic models would be switching to battery power going forward.
Meanwhile, important new road rules were revealed as self-driving cars were given the green light in the King's Speech today.
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