The Zero Emission Vehicle Foundation established by the ‘Liberty Electric Cars’ manufacturer is to call on major leasing and finance companies to create innovative vehicle funding schemes that accelerate consumer and business adoption of electric vehicles.
Liberty Electric Cars famously adapted an ordinary Range Rover to run on electric motor alone and is in the process of developing a range of high performance vehicles re-engineered to become emission free, electric vehicles.
Government rules allow 100 per cent of the value of electric vehicles to be written off against tax, in the first year of ownership. This is a huge cost advantage for businesses running electric fleets. However, consumers can not benefit directly from the tax break, so the Zero Emission Vehicle Foundation is asking the leasing and finance sector to find ways to pass on the ‘savings’ through finance packages uniquely developed for electric vehicles. Conventional vehicles only get a 20 per cent allowance in the first year.
Although electric vehicles are slightly more expensive to buy because the technology is still new, they have running costs in pennies rather than pounds. They are tax and congestion charge exempt and can be parked in cities for free, which means monthly ownership costs differ dramatically from vehicles running on petrol and diesel.
The Zero Emission Vehicle Foundation is contacting all the major finance and leasing companies to encourage them to turn these unique advantages into competitive financial schemes that make owning an electric vehicle a more economical choice, thereby speeding up the transition to electric vehicles for many consumers.
Addressing the issue will be Barry Shrier, CEO, Liberty Electric Cars as he hosts the Zero Emission Vehicle Foundation networking dinner tonight in London.
Global warming is a serious issue that is driving political agendas and consumer concern worldwide. According to Gordon Brown; “the leading challenge for the nation this century is making the transition to a sustainable economy.” With vehicles accounting for 22 per cent of the UK’s total carbon dioxide emissions, a solution to climate change and shift to a sustainable economy demands a shift to sustainable transport. Internal combustion engine vehicles cannot address this.
The result of a consumer move to electric power requires a whole new technology supply base needs to emerge. The UK leads the world in automotive engineering design and technology, and the industry must be supported and encouraged to embrace the shift to new zero emission vehicle technology.
The Foundation is also aware that many and varied audiences have to be brought along with new thinking about zero emission transportation. Consumers need to be motivated to change traditional buying patterns, Government has to deliver policy and support in the right areas, stakeholders, researchers, academics and industry groups all need to work together.
The Foundation is supported by Liberty Electric Cars and chaired by Lord Anthony St John of Bletso. Its board also includes other prominent figures from the automotive industry, sciences, Government and the private sector.
