Finance Bosses Demand Cost Parity from Electric Vehicles

BIRMINGHAM, England, September 7, 2011 -

4 out of 10 financial directors would not pay a financial premium to introduce hybrid or fully electric vehicles (EVs), according to a survey by the industry’s largest supplier of company vehicles.

Lex Autolease, which leases 300,000 vehicles to firms nationwide, says its poll of 100 financial directors confirms that cost remains a major barrier to entry for many.

However, for just over a third (35%) of those polled, a price premium of up to 10% - compared to conventional fuels - wouldn’t be too much to swallow.

Further findings from the survey, also reveal that half of firms (53%) would invest in hybrids and EVs if they could match petrol and diesel alternatives on a range of criteria, including running costs and convenience of use.

Marcus Puddy, head of consultancy services at Lex Autolease, says:

“For a long time petrol ruled the roost, but today diesel is the most popular fuel choice. So, who knows what tomorrow will bring given our finite oil reserves and rising carbon taxes?

“The fleet industry is renowned for being an early adopter of new technologies and, over the next five years, we anticipate that EVs will become a practical option, in limited numbers, for firms doing a lot of localised ‘back to base’ short journeys.

“Whether they eventually become a mainstream choice for the company car driver is another matter altogether and this will largely be dictated by how well the current generation of EVs perform on the used car market.”

Following a year-long study, Lex Autolease has developed a comprehensive guide to hybrids and EVs. To request a free copy of ‘Next generation fleets: Is the future electric?’, please email: newsdesk@lexautolease.co.uk

Notes to editors:

With over 100 years’ combined experience in the fleet industry, Lex Autolease is the UK’s leading fleet management and funding specialist, and currently own and manage around 1 in every 100 vehicles on UK roads. It has a long track record of winning industry and customer awards for its proposition and service.

www.lexautolease.co.uk  

For further press information please contact:

Paul Myerscough or Chris Sanders, IAS b2b Marketing on Tel: +44(0)1625-578-578; Email: paul.myerscough@iasb2b.com / chris.sanders@iasb2b.com

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