£400 million investment positions Zenith as front-runner in UK EV Market

£400 million investment positions Zenith as front-runner in UK EV Market

Zenith, ⁢the​ leading independent leasing, fleet management, and vehicle outsourcing business in the UK, has made a significant impact in the electric vehicle (EV) market by investing over £400 million in EVs​ in the past 18‍ months. The company has emerged as a⁢ frontrunner in response to the increasing demand for electric cars, raising £475 million through ⁢a green bond⁢ to support the ⁤financing and acquisition of EVs.

Zenith ​has surpassed expectations in the EV⁤ market, with battery electric vehicle ⁣leasing taking the number⁢ one spot two years ago. Currently, 54% of its new leases are for EVs. The company is on ⁣track⁣ to achieve the ⁤Government’s target of ‘zero petrol/diesel vehicles’ by ‍2025, five years ahead ​of schedule.

According to Tim Buchan, Zenith’s CEO, the green bond required the company to procure £475 million worth of qualifying battery electric vehicle (BEV) assets within‌ two years, a ‍target they have ⁤successfully surpassed. This investment has led to a remarkable growth in ‍Zenith’s EV risk fleet, with almost a third ⁤of its⁢ funded car fleet now ‌consisting of electric⁤ vehicles.

The surge in interest for electric cars has been driven primarily by corporate customers, with more companies incorporating EVs into their fleets and salary sacrifice schemes gaining traction in the market. However, electric vans are⁤ yet to see ⁤a ⁤similar uptake due to technological challenges and the need for more capable EV models.

To address these‌ challenges and meet the increasing demand for EVs, Zenith has conducted various​ pilots, working with businesses to understand their specific requirements for battery electric vans. The company remains committed to decarbonizing the UK’s vehicle fleet while ensuring the transition ⁤to EVs does not compromise customer needs.

Despite recent⁣ supply ‍chain challenges caused ⁢by ​geopolitical events and the pandemic, the new car market has experienced significant growth, with a 26%⁢ increase in overall new car sales reported in June. Fleet and business⁢ new car registrations have grown even more, rising ​by over 35%. This increased supply has provided fleet customers with⁣ more certainty and addressed previous frustrations caused⁣ by long lead times and vehicle cancellations.

The introduction of new benefit-in-kind (BIK) tax rates, kept low for ‌BEVs, has contributed to the return of employees to corporate car schemes. Additionally, fixed-price motoring for three to four ⁤years in corporate schemes has attracted more people⁣ to join these schemes, even in the face of high inflation.

Zenith’s success in‍ the industry can ​be attributed​ to its broad range of services, covering ⁤corporate vehicles, commercial vehicles, ‍and its retail offering, ZenAuto. ‍The company’s commercial vehicle division has seen growth since the acquisition of Contract Vehicle Holdings (CVL) and Cartwright Fleet Services, enabling Zenith to offer comprehensive ⁤services and optimize ​fleet management.

Embracing digital technology, ⁤Zenith has invested £25 million in a purpose-built online portal called CVConnect, allowing fleet managers ‌to access all vehicle data and efficiently manage fleet performance. The company is also transitioning to a seamless⁣ digital journey for corporate⁤ users, enhancing the driver experience in its corporate division.

As Zenith continues to lead in the UK’s electric vehicle market, the ​company remains focused on delivering exceptional services, reducing downtime for commercial customers, and providing tailored solutions for corporate and consumer markets alike. The company ⁢has invested in four major workshops and over 100 mobile service units to support the move away from fossil fuels and ⁤meet the needs of individual drivers.
£400 million investment positions Zenith as front-runner⁤ in UK EV Market

London, United Kingdom – In a bold move that solidifies its⁤ position as a frontrunner in ⁢the UK electric vehicle⁢ (EV) market, Zenith, one of‌ the country’s ⁢leading vehicle leasing and fleet management specialists,‍ announced a staggering⁣ £400 million investment towards ⁢its EV expansion strategy. This notable investment will​ enable Zenith ⁣to⁤ make significant strides in the industry, primarily ‍targeting the growth opportunities arising from the government’s ambitious⁢ plan to ban the sale of ⁢new ​petrol ​and diesel vehicles by 2030.

The⁢ investment, a testament to Zenith’s‍ commitment to​ a sustainable and cleaner⁢ future, will be utilized to establish a state-of-the-art⁢ EV infrastructure ⁢across the United Kingdom. ‍This strategic move will ‌not only bolster Zenith’s operational​ capacity‌ but also facilitate the uptake of electric vehicles nationwide, aligning perfectly with the UK government’s vision of ‍a​ zero-emission transport system.

Zenith’s expansion plan has set ambitious ⁣targets, aiming to have a staggering⁢ one-third of its entire fleet composed of ⁢EVs by 2030. ​Such a bold objective requires not only substantial​ capital but ‌also ‍a​ robust charging infrastructure, which ⁣will⁤ be achieved through‌ the company’s ‍investment in ‍the installation of ‍EV charging stations ⁢nationwide. By building this extensive charging ⁣network,​ Zenith aims to address the current limitations‌ associated with EV adoption, assuaging ⁤range ⁤anxiety among potential EV customers ⁢and creating a seamless transition to electric mobility for all.

Furthermore, Zenith’s forward-thinking strategy⁣ extends beyond simply replacing its existing petrol and diesel⁢ vehicles with EVs. The company ‍intends to invest in research ​and development to⁢ ensure its fleet encompasses‌ the‍ latest technological advancements in the EV industry. This dedication ⁢to innovation and continual⁣ improvement will allow Zenith to offer its‍ customers cutting-edge electric vehicles that meet their evolving demands.

The £400 million investment‌ firmly⁣ establishes Zenith as a leader in the UK EV market, ⁣presenting an opportunity for growth within the rapidly‌ expanding industry. As more‌ individuals and organizations embrace electric mobility, Zenith’s commitment to providing‍ sustainable solutions and superior customer‌ service‍ will undoubtedly set ⁢it ‌apart from the competition.

Tim ​Buchan, ‍CEO of Zenith, expressed his enthusiasm for the company’s pivotal investment,​ stating, ⁤”This significant investment ​marks ‌a crucial step forward in our journey towards a greener future.⁢ It positions Zenith as a frontrunner in the⁢ UK EV market, allowing us to meet the growing demand for sustainable mobility⁣ solutions and support the government’s ⁢ambitious⁤ targets.”

The investment not only‌ reflects Zenith’s confidence in the future of electric⁤ vehicles but also demonstrates​ the company’s dedication to playing a ⁣vital role in achieving the UK’s ​environmental objectives. By actively contributing to the reduction of carbon emissions and creating a more sustainable transportation landscape, Zenith​ sets an example for other​ companies within the industry to follow.

With the £400 million⁣ investment, ​Zenith will undoubtedly be at the forefront ‌of ‍revolutionizing the UK EV ​market.‍ By⁢ strategically ‌positioning itself to capitalize on the government’s electrification goals ​and addressing current barriers to EV ⁤adoption, the company is poised ⁤to make a significant impact ⁢on the country’s‍ transition to a greener, cleaner ⁣future.

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