•Lloyds Banking Group responsible for funding one in every 10 electric vehicle
•In total the Group has hit the milestone of funding 100,000 ultra-low emission vehicles
LEX AUTOLEASE is helping its parent Lloyds Banking Group power ahead with the funding of electric and ultra low emission vehicles.
The Group has just hit £1bn worth of funding for electric (EV) and plug-in hybrid vehicles (PHEV) this year, across both the Lex Autolease leasing business and the motor finance Black Horse brand.
Astonishingly, the Lloyds Banking Group is now responsible for funding one in every 10 electric vehicles registered on the UK’s roads.
The Group says its Lex Autolease brand, the UK’s largest fleet leasing and funding business, is accountable 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.
Lloyds Banking Group says the £1bn lending mark, against an £8bn target for new electric vehicle financing by 2024, reaffirms its 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 Group.
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 £1 billion 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.
As the uptake of electric vehicles continues to gather pace, we’ll 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.
Lex Autolease is a funder partner of Broker News.
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Ralph Morton is the leading journalist in the leasing broker sector and editor of Broker News, the website which provides information and news for BVRLA-registered leasing brokers. He also writes extensively on the fleet and leasing market in both the UK and Europe.
