V12 Vehicle Finance (V12VF) has pledged to convert its company car fleet to either electric or hybrid vehicles by June 2024.

David Nield, managing director of V12VF, said reducing the firm’s carbon footprint and emissions is a core part of its mission

The Solihull-based vehicle finance brand runs an inhouse fleet of 21 vehicles and has committed to expand existing work to reduce its emissions, ahead of the Government’s 2030 ICE ban.

Currently, 30% of V12VF’s sales team have opted for a fully electric vehicle and 65% for a plug-in hybrid. In the next six months, the company will set a maximum CO2 cap of 120g/km for field-based employees who do not presently have infrastructure to install a charging point at home, reducing overall emissions by 70-80% in comparison to its present fleet.

Field and head office-based employees will be able to choose from a wide range of makes and models, including BMW 330e, Mercedes-Benz C-Class and Tesla Model 3, providing incentives to go green.

As well as reducing the company’s carbon footprint, the move will also drive significant financial savings for the business and its drivers, including for Benefit-in-Kind and employer NI contributions as well as for fuel costs; the firm calculates that if the average employee travels 3,000 miles a month in an EV, they’ll be saving around £250 monthly in fuel costs and reducing CO2 emissions by 0.5 tonnes.

David Nield, managing director of V12VF, said: “As a company, we want to make sure we’re doing right by our customers, dealers and employees. Reducing our carbon footprint and emissions is a core part of that mission.

“We’re encouraging all of our employees to move from fuel to either hybrid or fully electric cars. We want to lead by example by reducing our emissions, creating cost-saving opportunities for our employees and offering attractive incentives through the latest models.”