Lex Autolease EV1000 fund fully allocated after higher-than-expected interest
Lex Autolease has successfully allocated its £1m zero-emission vehicle fund four months ahead of deadline, showing the power of incentives when it comes to electric vehicle adoption.
Launched in January this year, the EV1000 fund provided £1,000 towards the cost of the first 1,000 pure electric vehicles leased from the firm and has helped generate interest above and beyond the orders that qualified for cashback, with a further 1,200 orders placed on top.
In fact, Lex Autolease accounted for one in 16 pure electric car registrations in the UK between January and August 2019, based on data from the Society of Motor Manufacturers and Traders (SMMT). The surge in take-up also means that Lex’s EV fleet has increased in size by 127% in the last 12 months.
Of the total EVs ordered from Lex Autolease in 2019 to date, 87% are cars and 13% are LCVs. Business contracts account for 83% of orders, with personal contracts taking up the other 17%.
Richard Jones, managing director of motor finance and leasing at Lloyds Banking Group, commented: “The financial contributions we’ve offered via the EV1000 are one of many whole-life cost benefits drivers can enjoy with the switch to electric. Cheaper fuel, tax and maintenance are also key considerations – and as battery technology and charging infrastructure continue to develop and improve, EVs are an increasingly attractive option for more and more people.”
Companies and organisations that have benefited from the EV1000 scheme include Anglian Water, Eon, Cornwall NHS Trust, Bourne Leisure Limited and Mitie, with the latter having ordered more than 560 EVs through Lex so far this year.
Simon King, fleet and procurement director at Mitie, said: “Having ordered more than one quarter of Lex Autolease’s electric vehicles in the past eight months, we’re proud that our partnership has helped drive our ambition to fully electrify our fleet by 2030.
“The EV1000 initiative is proving a clear success and further contributes to the wider effort to make all vans and cars on the UK roads zero-emission.”