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Electric Vehicles: Funding the Revolution

Electric vehicles (EV’s) have typically been a feature of sci-fi movies but they are soon to become a staple on Britain’s roads.

In 2017, Prime Minister Boris Johnson announced that the country’s road’s and vehicles would be ‘zero carbon’ emitting by 2050, with sales of petrol, diesel and hybrid cars being abolished ten years earlier. This led to many of the leading manufacturers producing concept cars and making them a reality by the end of the decade.

However, at the start of the year, Transport Secretary Grant Schapps revealed an acceleration plan that would see the ‘zero carbon’/EV programme bracing Britain’s roads in 2035, 15 years ahead of schedule. This is causing businesses to question what to buy, who will benefit and how to fund. Thankfully GSM can provide answers and insights to all three.

What to Buy?

If your business assets include company vehicles to be used by employees and/or clients, you will obviously need to purchase a fleet of EV’s. Whether you require runarounds, luxury vehicles, people carriers or vans and trucks, there are plenty of options currently on the market and more to be released by the end of 2020. The most important aspect to consider when choosing which EV to buy is range. To put it simply, the larger the range, the further you can go without needing to recharge. So, before you start purchasing an electric vehicle fleet, analyse the average mileage of company travel to determine which vehicles are the most suitable for your business.

In addition to the vehicles, you will need to purchase and install charge points within your car park. All EV’s in the UK and Europe require Type 2 charge points. Whilst it’s a one size fits all scenario; charge points can vary in terms of recharge speed. The choice is between slow, fast and rapid chargers.

Slow – 3 kilowatts (kW), ideal for charging overnight due based on an average charge time of 6 to 12 hours

Fast - 7 to 22 kW, most common nationwide as they only require 3 to 4 hours for a full charge

Rapid – 100 to 350 kW, available in standard or ultra-rapid form and can fully charge any EV in as little as 30 minutes

Who will Benefit?

The honest answer is everyone. As previously stated, by 2035 UK roads will be ‘zero carbon’ and only electric vehicles will be permitted. Be it employees or clients, everyone will be driving EV’s in 15 years’ time.

Charge points will be vital as recent consumer surveys have shown that EV owners would rather be pre-occupied rather than sitting in their vehicle whilst it’s charging. In the case of hotels, guests who drive an EV are refusing to stay at properties that don’t offer charging facilities. This is particularly prominent in rural locations, where the nearest public charge point may be over 10 miles away. That being said, if your business operates within the hospitality or leisure industry and/or in a remote location, installation of charge points will be key for retaining your current clientele.

How to Fund?

Investigations from both automotive and business experts have concluded that there is a shortage of finance options for EV’s. In response to all previous statements by Grant Schapps and Chancellor Rishi Sunak’s commitment to the electric vehicle funding in today’s budget, GSM is determined to follow suit and assist businesses to finance electric vehicles in a fast and efficient manner.

"As well as taxing pollution – we will invest and cut taxes on clean transport.

We’re introducing a comprehensive package of tax and spend reforms to make it cheaper to buy zero or low emission cars, vans, motorbikes and taxis."

Rishi Sunak, Chancellor of the Exchequer

With the help of our panel of 35+ lenders, we also have the capability to fund all corresponding equipment, including charge points, IT and software to manage and maintain your equipment. Ultimately, we can create tailored electric vehicle finance packages to help your business to prepare for and thrive in the EV revolution.

Contact us today!

020 8874 9994

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Unknown member
Mar 29, 2021

Thanks for sharing this informative article. These days electric cars are very popular not only in adults but also in kids. There are a lot of different types of electric cars are invented for kid. If you wanted to buy electric car for your kid check this website. They provide information on electric cars that are useful for you.


Unknown member
Dec 26, 2020

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