Electric Vehicle Scheme Secures Investment Amid Rapid Growth
In a significant development in the electric vehicle industry, The Electric Car Scheme has recently secured new investment following a remarkable growth trajectory of 160% year on year. This surge in growth reflects a growing consumer interest in electric vehicles (EVs), both new and used, amidst an increasing commitment to sustainability. The latest funding round was spearheaded by 13books Capital, with additional investments from reputable firms such as Triple Point Ventures, Seedcamp, Adjuvo, Ascension, and Bayern Kapital. With this influx of capital, the company aims to further amplify awareness about the advantages of their innovative salary sacrifice scheme which makes electric cars more accessible and affordable for UK employees.
The Electric Car Scheme has experienced phenomenal expansion over the past year, largely driven by an impressive 300% increase in their second-hand EV offerings.
By offering these used vehicles at a lower price point through the salary sacrifice model, the company has effectively lowered the barriers to EV adoption—a key concern for many potential electric drivers. In fact, surveys indicate that 68% of people in the UK view cost as the main hurdle to making the switch to electric. The scheme now accounts for approximately half of their sales, highlighting its pivotal role in facilitating the transition to greener transportation alternatives. Currently, The Electric Car Scheme collaborates with over 1,000 companies, delivering notable savings of between 30% to 60% on the electric cars chosen by their employees.
Co-Founder and CEO Thom Groot expressed his enthusiasm regarding the new funding, describing it as a strong endorsement not only for The Electric Car Scheme but also for its mission to contribute to the Net Zero emissions goal. He emphasized that while significant progress has been made, particularly through the increasing availability of used EVs, less than 3% of cars in the UK are electric. This statistic underscores the amount of work still required to make electric vehicles a feasible and attractive option for a broader audience. Michael McFadgen, Co-founder and Partner at 13books, echoed this sentiment, recognizing the complexity of the transition to Net Zero and commending The Electric Car Scheme for creating a solution that simplifies access to electric vehicles, ultimately benefiting both companies and consumers while promoting environmental sustainability.
They've invested in The Electric Car Scheme
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