Octopus Electric Vehicles is helping HSBC UK’s business customers unlock the benefits of salary sacrifice.

Each sal-sac EV cuts business emissions by around 2.5 tonnes of CO2 each year, while saving employees up to 40% on the cost of a brand-new car

Under the deal, Octopus is now the recommended salary sacrifice provider for HSBC UK’s business clients, further strengthening the relationship between the two firms.

Octopus’ salary sacrifice allows drivers to save up to 40% every month on a brand-new electric car. Alongside the car, the all-in-one package also includes a charger plus a discounted energy tariff.

And for every employee who switches from a petrol or diesel car to an EV, HSBC UK’s business clients can cut their carbon emissions by up to 2.5 tonnes a year, according to Octopus EV data.

The scheme also helps companies attract and retain top talent. Research from Octopus shows that 75% of employees place financial savings as their top priority among employee benefits.

The firm has already helped more than 5,500 companies launch electric car employee benefit schemes in the last three years; clients include PepsiCo, WPP and Luceco

The announcement builds on the existing partnership between the two brands, formed in 2022 when HSBC UK provided funding to Octopus to expand its electric car fleet.

The move marks the next step in a broader, long-term strategic alliance that has seen HSBC UK add to its suite of sustainable products, while Octopus continues to support more people to make the switch to greener driving.

Robert King, UK head of commercial banking sustainability at HSBC UK, said: “Supporting the transition to net zero is a vital part of our UK strategy. The Octopus EV salary sacrifice scheme is a great example of how we work with our partners to deliver innovative solutions to our customers, in this case offering a more sustainable travel alternative for our clients’ employees at a reduced cost.”

Fiona Howarth, CEO at Octopus Electric Vehicles, added: “By partnering with HSBC UK, we hope to make businesses of all sizes aware of one of the most attractive business perks around right now.”