Lloyds hits milestone in £1 billion electric car financingv

Battery Electric Vehicles most popular vehicles ordered from Tusker in Q1. Subscribe to Electric Vehicle News Bitesize Podcast for FREE!

Battery Electric Vehicles make up the top 10 “most popular” cars ordered via Tusker in Q1, with more than 80% of cars ordered as Battery Electric Vehicles.

The leasing company said its top 10 “most popular” cars ordered did not include plug-in hybrids or combustion engine cars. Gasoline vehicles accounted for 5% of orders, and hybrids accounted for 14%, Tusker said.

Figures for the first quarter show that six of the top 10 cars are budget-friendly, including the Kia e-Niro and MG ZS. Other models include the Audi Q4 e-Tron, BMW iX3, Hyundai Ioniq 5 Electric, Mercedes-Benz EQC, Nissan Leaf, Peugeot e2008, Tesla Model 3 and Volkswagen ID3.

Paul Gilshan, chief executive officer at Tusker, said: “We are proud to provide a car scheme that makes electric driving affordable for almost everyone.

“If it wasn’t for salary sacrifice, Electric Vehicles would not be financially viable for most people. Our latest order bank shows that subscribing to an Electric Vehicle can make financial sense for employees.

“Thanks to salary sacrifice, budget-conscious drivers need not give up vehicle size to enjoy a saving for the safest, greenest vehicles.”

According to Tusker, 2021 is also a breakthrough year for Electric Vehicles among its drivers, with Electric Vehicle registrations up 76% year-over-year through 2020.

As this trend accelerates in the first three months of 2022, Tusker believes it is on track to reach net zero in 2023.

Tusker said the study found that the key drivers of accelerating public adoption of electric vehicles, and the cost savings that could be achieved, were the increase in battery range of all new electric vehicles over the past two years and the growth of the UK’s charging infrastructure.

The comprehensiveness of Tusker products, including insurance, maintenance, spare tires and more, has also proven to be another key reason for choosing a Tusker car.​​​

According to a new study by Grand View Research, Inc., the global electric vehicle charging infrastructure market size is expected to reach £217.06 billion by 2030, growing at a CAGR of 30.6% from 2022 to 2030, Kia Auto, Mercedes-Benz and Ford are working with charging infrastructure providers to ensure easy availability of charging stations.

For example, in November 2020, ChargePoint, Inc. announced a partnership with Volvo Car USA LLC to provide Volvo drivers with a seamless charging experience. Through this partnership, ChargePoint, Inc. will provide Volvo car drivers with Home Flex home chargers, allowing drivers to charge their cars at home. In addition, Delta Electronics, Inc.; Enel X; and Ecotap BV; among others, are focused on developing solar charging stations for electric vehicles. For example, as part of Honda’s SmartCharge program, Enel X is currently working with Hawaiian Electric to develop solar charging stations in Hawaii (USA).

The rapid and ultra rapid charger segment is expected to be the fastest growing segment during the forecast period, as the ability to rapid charge electric vehicles in a shorter time as compared to conventional AC chargers is driving the demand for rapid DC chargers.

The combined charging system (CCS) connector segment is expected to be the fastest growing connector segment over the forecast period owing to its increasing adoption by automakers.

The commercial sector is expected to become increasingly important due to the increasing deployment of rapid charging stations on highways, hotels, shopping centres and public parking lots.

Stringent vehicle emission standards and high emphasis on Electric Vehicle research and development are some of the key factors driving the Electric Vehicle charging infrastructure market.

It has been observed that many companies are investing heavily in promoting Electric Vehicle charging infrastructure. For example, in November 2017, BMW, Daimler, Ford and the Volkswagen Group jointly announced an investment plan to develop 400 charging stations in Europe.

Asia Pacific is expected to grow at the highest CAGR from 2022 to 2030 owing to the significant growth in Electric Vehicle sales in the region and the widespread deployment of Electric Vehicle chargers in countries such as China and Japan.

In addition, companies are working to upgrade electric vehicle utility equipment (EVSE) to make it more convenient for long-distance travel. Some Electric Vehicle makers, such as Tesla Inc and Nissan, are working to make their electric vehicles compatible with public charging networks. For example, in November 2019, Nissan announced that buyers of the new Nissan Leaf will be able to charge their vehicles through the EVgo charging network, which includes 750 public charging stations.

The significant market growth is mainly due to the public and private sectors encouraging people to switch to electric vehicles. These moves have boosted sales of electric vehicles and raised consumer awareness of the benefits of using these vehicles. As a result, the demand for Electric Vehicle charging infrastructure is expected to increase significantly.

The demand for electric vehicles has grown with increasing awareness of environmental sustainability and strict limits set by multiple governments on vehicle emissions. While private companies are focused on developing innovative Electric Vehicle chargers and charging stations, governments are working with these companies to build Electric Vehicle charging infrastructure.

In addition, technologies such as Radio Frequency Identification (RFID) Near Field Communication (NFC) and Contactless Payment have enabled the installation of interactive, kiosk-based, self-powered charging stations within highway stop locations . Some private organisations are keen to invest in the development of electric vehicle charging stations along highways. All these factors are driving the demand for highway charging stations.

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