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£16bn investment

Firms plan 50% increase in electric vehicle spending

More charging points are key to expansion

British businesses are set to invest almost £16 billion in the electrification of their vehicle fleets over the next year, a 50% uplift on the £10.5bn spent in the previous 12 months, according to new data.

Two-fifths (40%) said they had increased the total number of EVs within their fleet between April 2020 and March 2021.

The research, commissioned by Centrica Business Solutions, revealed that of these businesses, six in ten (58%) cited the need to meet corporate sustainability targets as the biggest driving factor behind their increased adoption of EV.

However, four in ten (43%) businesses hadn’t increased EV numbers at all and 10% decreased their EV fleet size amid anxiety over their limited range.

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Despite this, two-thirds (67%) of all companies polled claimed they are well-prepared to operate a fully electric fleet by 2030, when the Government’s ban on the sale of petrol and diesel vehicles comes into effect.

Almost half (46%) of businesses polled plan to install charging points on their premises to facilitate the uptake of EVs across the next twelve months.

Greg McKenna, managing director of Centrica Business Solutions, said: “Despite the disruption of the past year, it’s encouraging to see investment in EVs remain a key priority for many businesses.

“The fact that firms are planning to increase their spending so dramatically over the next 12 months is proof that more businesses are recognising the advantages of adopting low-emission vehicles, especially as they recover from coronavirus and seek to create sustainable growth.

“Now that 2030 is set in stone as the end of new petrol & diesel sales we need to ensure three things to help get us there, sufficient electric vehicles to meet demand, reliable charging infrastructure that’s available to all and a flexible energy system that can deliver green power where it’s needed.”

Rachel Maclean, Transport Minister, said: “As we accelerate towards our net-zero future, I’m delighted to see UK firms at the forefront of the electric vehicle revolution.

“With British businesses set to increase their investment in electric vehicles by 50%, the message is clear – the future is electric. With generous government grants and tax incentives which could save drivers over £2,000 a year, there has never been a better or more exciting time to make the switch.”



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