One million fund to drive electric vehicle adoption

An additional 1,000 pure electric vehicles could deliver an eight percent increase in the total number registered next year. 

Tim Porter, Managing Director of Lex Autolease, the vehicle leasing arm of Lloyds Banking Group, commented: “In July, the Government set out its ambition for at least half of new vehicles to be ultra-low emission by 2030. Our announcement today highlights our commitment to supporting this ambition and the role we, as the UK’s leading vehicle leasing provider, can play in helping to make it happen.” 

Acknowledging it can be difficult for motorists to balance the conflicting demands of vehicle cost, choice and their responsibility to help achieve cleaner cities and a low carbon future, the fund will also support Lex Autolease in doubling the size of its pure electric vehicle fleet and help its customers to collectively achieve 25 million zero-emission miles over the next five years.

Porter continued: “The electric vehicle market is still relatively new and continues to evolve at pace. One of the key benefits of leasing an electric vehicle is that customers don’t take on any of the potential risk associated with the future resale value of the vehicle. As battery technology and the range of electric vehicles improves, they are fast becoming suitable for mainstream motorists – meaning more road users can take advantage of their low running costs.

“As the global automotive industry goes through this transformative period, the leasing industry has a huge role to play. We have been working with customers for a number of years to help them upgrade to low emission vehicles, where it’s the right move for them as individual drivers or fleets. We’re ideally placed to provide the guidance and support that drivers and fleets need in order to make this important transition.”

As the largest leasing company in the new vehicle supply chain, Lex Autolease buys four percent of all new cars and vans sold in the UK and currently owns and operates a fleet of over 380,000, including over 18,000 alternatively-fuelled vehicles. The £1,000 contribution will be available to business and personal customers.