Latest news with #FionaHowarth
Yahoo
06-08-2025
- Automotive
- Yahoo
Octopus EV and Mastercard to collaborate on salary sacrifice scheme
Octopus Electric Vehicles has partnered with Mastercard to offer its electric vehicle (EV) salary sacrifice scheme to employees of small businesses. The collaboration allows small business cardholders within the Mastercard Business Bonus programme to offer their staff an additional £100 charging credit when they opt for an electric car lease. The salary sacrifice scheme is designed to make the leasing of EVs more affordable for employees. According to a press release, employees can save up to 40% on their monthly car expenses by allocating a portion of their pre-tax salary towards leasing an EV. Charging an EV using Octopus Energy's Intelligent Octopus Go tariff could yield further financial benefits, with potential annual savings when compared to traditional fuel costs. A salary sacrifice scheme is said to be the 'cheapest way' presently to adopt EVs while enabling businesses to reduce their carbon footprint and offer employee benefits. Octopus Electric Vehicles founder Fiona Howarth said: 'Salary sacrifice remains the cheapest way to drive a new EV. And the benefits are not just for drivers, but for their employers too. 'Companies can cut their emissions, retain staff and save money. By partnering with Mastercard, more businesses, of all sizes, can discover one of the most attractive employee benefits around right now.' Mastercard fintech, government and digital partnerships senior vice president Darren Deal said: 'It's great to team up with Octopus EV to help our small business cardholders access more sustainable travel alternatives. 'Through our Business Bonus programme, Mastercard collaborates with trusted partners to deliver innovative and tailored solutions that help businesses grow, and this is a prime example of that.' Within four years, Octopus is said to have enabled more than 6,000 companies such as PepsiCo, Jacobs Douwe Egberts, and TPX Impact to implement EV salary sacrifice schemes. In February, Octopus Electric Vehicles partnered with Dealer Auction to create a digital marketplace for pre-owned EVs. "Octopus EV and Mastercard to collaborate on salary sacrifice scheme" was originally created and published by Motor Finance Online, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Independent
05-06-2025
- Automotive
- The Independent
UK electric car sales jumped by over 25 per cent in May
Latest car registration figures from SMMT (Society of Motor Manufacturers and Traders) show the popularity of electric cars is rising fast but is still falling short of government targets. Nearly 33,000 new EVs hit the roads in May, up 25.8 per cent on 2024 figures. That means electric cars account for 20.9 per cent of all new car sales so far in 2025, some way off the government's ZEV Mandate target of 28 per cent. Car makers that fail to hit the 28 per cent figure face fines or will have to find ways to use credits that can include buying them from other car makers. Plug-in hybrid cars are also growing in popularity with registrations up 50.8 per cent on last May with a total of 17,898 PHEVs sold. And although petrol models still account for the vast majority of new car sales, taking 49 per cent of all car sales so far in 2025, the figure for May shows a drop of 12.5 per cent year-on-year. Overall, the car market returned to growth in May, up by 1.6 per cent and the best May for car sales since 2021. However, SMMT says that the fleet and business sector was responsible for the bulk of sales with sales to private buyers down for the second consecutive month. Although EV sales are buoyant, SMMT says that much of that is down to discounting with SMMT CEO Mike Hawes calling for government incentives to boost demand in the upcoming spending review. 'A return to growth for new car registrations in May is welcome but manufacturer discounting on new products continues to underpin the market, notably for electric vehicles. This cannot be sustained indefinitely as it undermines the ability of companies to invest in new product development – investments which are integral to the decarbonisation of all road transport. 'Next week's spending review is the opportunity for government to double down on its commitments to net zero by driving demand through fiscal measures that boost the market and shore up our competitiveness.' SMMT is calling on the government to halve VAT on new electric vehicle purchases saying it could lead to an additional 267,000 new EVs being used instead of fossil fuel vehicles over the next three years, potentially reducing CO2 emissions by six million tonnes annually. SMMT is also saying that EVs should be removed from the Vehicle Excise Duty (VED) Expensive Car Supplement, while VAT for public and home charging should be equalised at 5 per cent to encourage more consumers to consider switching to electric vehicles. Commenting on the latest registration figures, Fiona Howarth, founder of Octopus Electric Vehicles said 'we've seen yet another strong month for EVs – proving that people want to drive electric. There has been a clear shift in the market, with car manufacturers new and old bringing out new, cheaper models every month, improving driver choice and helping to make the switch to cleaner, low-cost driving.'
