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Business owners want to move to electric vehicles ASAP…

Nearly all SME business owners in the UK believe that vehicles and wheeled assets should be electric, according to latest studies.

In a survey by Cambridge & Counties Bank, 94% of owners believe that electric vehicles (EVs) should be moved to as soon as possible, with almost half (46%) stating that it should be a priority.

The research comes after a spike in the demand for EVs by both households and businesses in the UK, and the introduction of 0% Business in Kind (BiK) rate relief by the government in April 2020.

With new petrol and diesel vehicles to be banned from 2030 and hybrid vehicles to be banned by 2035, businesses are looking for alternatives to replace fleet and company vehicles – with a focus on reducing carbon footprints.

The UK is currently expected to exceed its annual carbon budget for the fifth year in a row and calls have been issued for stricter budgets as the government looks to become carbon net-zero by 2050.

Around 84% of UK SMEs believe that the introduction of last year’s BiK relief will have a positive impact on EV purchase numbers over the next 12 months, with 68% ‘wholeheartedly’ agreeing with the 2030 ban on petrol and diesel vehicles.

MAF’s Director of Vehicle Management, Chris Leslie, added: “Many of our customers are actively considering this question when developing their future EV strategy, which is quickly becoming paramount. With the future legislation changing and the death of the ICE engine due to be abolished in 2030, as a fleet operator there are a number of things to consider to ensure that you keep in front of the curve.”

If you are looking for finance for your business, need to unlock cash or are thinking about buying an electric vehicle, call us on 0115 958 6872, email or fill an enquiry form.

* Research among 100 senior decision makers at UK SMEs conducted by PureProfile between the 7th and 16th December 2020

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