Lloyds Banking Group has hit the milestone of funding 100,000 ultra-low emission vehicles on the UK’s roads.

Lloyds Banking Group is now responsible for funding one in every 10 electric vehicles registered on the UK’s roads

The group, which spans the Lex Autolease and Black Horse motor finance and leasing businesses, is now responsible for funding one in every 10 electric vehicles registered on the UK’s roads. It has more than 102,000 alternatively-fuelled vehicles under management – including 55,451 EVs and 47,200 PHEVs.

Lex Autolease, the fleet leasing and funding giant, accounts for more than two-thirds of the group’s vehicles, with 69,237 vehicles delivered to date, including 37,387 BEVs and 31,850 PHEVs.

Black Horse, the consumer car finance arm of Lloyds Banking Group, has funded 33,414 battery-powered vehicles, including 18,064 BEVs and 15,350 PHEVs, as it continues to support drivers on their journey towards an electric future.

Already this year, Lloyds has provided £1bn worth of lending for electric vehicles this year across both brands. It’s part of an £8bn target for new electric vehicle financing by 2024, reaffirming the group’s sustainability commitments, which also includes achieving net zero emissions across Lex Autolease’s customer fleet by 2030 and a 50% overall carbon reduction across the businesses.

Richard Jones, managing director transport, Lloyds Banking Group, commented: “As the UK’s market leader in automotive funding and leasing, we have made supporting the transition towards a zero-emission future central to our vision, helping motorists and companies along their journey to electrification.

“The £1bn electric vehicle funding milestone is a testament to the sustainability-first approach that sits at the heart of both Lex Autolease and Black Horse and our overall commitment to offering practical solutions that help businesses and private owners realise the potential of making the switch to electric.”

Jones added that the company will continue to work closely with government departments and manufacturers to ensure that the supply of vehicles and supporting charging infrastructure is able to withstand the demand from motorists.

“We are also open to supporting other technologies and solutions that can accelerate the transition to net zero,” he added.