Leasing companies play a vital role in making electric vehicles (EVs) more affordable in the European Union, according to a new report by T&E.
The transition to electric vehicles (EVs) in the European Union (EU) is gaining momentum, with national policymakers and environmental organisations calling on leasing companies to play a pivotal role in this shift.
A recent report highlights the significant impact leasing companies can have on the used car market and the overall transition to sustainable transport in the EU. By electrifying their fleets, these companies could introduce an additional 18 million battery electric vehicles (BEVs) into the used car market by 2035, making electric cars more accessible to a wider range of consumers.
The report, commissioned by Transport & Environment (T&E), emphasises the importance of a proactive approach by leasing companies as green leaders. T&E recommends that leasing companies adopt ambitious targets for transitioning to electric vehicles, with a phase-out date for polluting vehicles set for 2028.
Leasing companies, with their large fleets of vehicles that are often replaced every three to four years, are uniquely positioned to drive the transition to electric vehicles. This transition could not only benefit the environment but also make electric cars more affordable for middle-income households, as a significant portion of the additional used BEVs could cost below €10,000.
Several car leasing companies have already declared their intentions to transition to electric vehicles by 2028. Automotive manufacturers like Opel have initially set but then revised their 2028 goals for electric-only sales, while Mercedes is pushing fast charging infrastructure and bidirectional home charging to support electrification.
National policymakers have also considered measures to facilitate this transition and support the broader mobility shift. For instance, Hamburg’s plan is to increase the number of public EV charging points from 3,000 to 7,000 by 2027.
The report underscores the crucial role leasing companies can play in setting binding electrification targets at the EU level and incentivising the adoption of electric cars through reformed company car taxation. This proactive approach by leasing companies as green leaders is essential for fostering an affordable, accessible, and environmentally friendly used car market.
In conclusion, the electrification of leasing companies' fleets could bring about a significant change in the EU's used car market and contribute to a more sustainable transport future. The call for leasing companies to step up as green leaders is a timely and necessary step towards achieving this goal.
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