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Lex Autolease fully allocates £1 million EV fund

Date: 14 October 2019   |   Author: Sean Keywood

Leasing giant Lex Autolease says it has now fully allocated its £1 million cashback offer for electric vehicles (EVs).

Since January this year, the EV1000 initiative has been offering £1,000 cashback on pure EV orders, up to a total of 1,000.

Lex says this has now been fully allocated four months earlier than expected, and it has received a further 1,200 EV orders on top, with business contracts making up 83% of the orders.

Organisations to have benefited from the EV1000 scheme include Anglian Water, EON, Cornwall NHS Trust, Bourne Leisure Limited and Mitie.

Lex says it has increased the size of its EV fleet by 127% during the last 12 months, and claims it was responsible for one in 16 UK pure EV registrations between January and August this year, based on Society of Motor Manufactuers and Traders figures.

It says the new vehicles will eliminate more than 18,000 tonnes of carbon from roadside emissions, and cover more than 98 million zero-emission miles over the duration of their contracts.

The Jaguar I-Pace is the most popular EV among Lex customers so far this year, accounting for nearly 900 orders.

Richard Jones, managing director of motor finance and leasing at Lex's parent company Lloyds Banking Group, said: "As the UK's leading vehicle leasing provider, we have an important role to play in driving change and in helping fleet drivers be the pioneers of the newest, cleanest vehicle technology.

"With the regular replacement cycles that come with leasing, fleet drivers are also feeding the second-hand market with low and zero-emission models, which is critical for the country to meet its ambitious emissions targets.

"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."