British banking firm Lloyds Banking Group has announced that it has provided £1bn in new funding for electric vehicles (EVs) and plug-in hybrid vehicles (PHEVs) in 2022.
The funding was delivered by Lex Autolease and Black Horse, the bank’s motor finance and leasing businesses.
Lloyds has also revealed a target to provide £8bn in financing for new EVs by 2024.
The banking group claims to have financed one in every 10 EVs registered on the UK’s roads, a number which includes 55,451 EVs and 47,200 PHEVs.
Lex Autolease, a fleet leasing and funding company, has reportedly provided 69,237 vehicles so far, including 37,387 battery-powered electric vehicles (BEVs) and 31,850 PHEVs.
According to Black Horse, the motor financing branch of the bank, it has funded 33,414 battery-powered vehicles, including 18,064 BEVs and 15,350 PHEVs.
Richard Jones, managing director of transport for Lloyds Banking Group, said: “The £1bn electric vehicle funding milestone is a testament to the sustainability-first approach that sits at the heart of both Lex Autolease and Black Horse and our overall commitment to offering practical solutions that help businesses and private owners realise the potential of making the switch to electric.
“As the uptake of electric vehicles continues to gather pace, we will work closely with government departments and manufacturers to ensure that the supply of vehicles and supporting charging infrastructure is able to withstand the demand from motorists.
“We are also open to supporting other technologies and solutions that can accelerate the transition to net zero.”
By 2030, Lloyds plans to reach net zero emissions across Lex Autolease’s customer fleet, with a 50% overall carbon reduction.
