Lloyds Banking Group has acquired UK-based electric vehicle (EV) and Ultra-Low Emission Vehicles (ULEV) leasing company Tusker as part of its wider net-zero focus.

Tusker functions on salary sacrifice schemes which enables companies' employees to drive fully insured and maintained cars for a fixed monthly amount taken from their salary.

Nick Williams, managing director transport at Lloyds Banking Group said: “As part of our 2022 strategy, we outlined our ambitions to grow our participation in vehicle leasing and the acquisition of Tusker is a key part of delivering on this with a net-zero focus, at a time when the transition to sustainable methods of transport is a high priority for both our business clients and retail customers.”

Tusker has a fleet of over 23,000 vehicles and serves around 1300 companies. Around 60 per cent of its fleet is currently electric, with future orders set to increase this figure to 77 per cent.

The auto leasing firm is also part of the EV100 - a group of companies committed to a zero-emission future – and plans for its fleet of vehicles to be fully electric by 2030.

Paul Gilshan, chief executive at Tusker, commented: “Not only do we have aligned strategic goals on our commitment to net zero and excellent service, but with Lloyds strong financial support we can grow our electric fleet faster by offering exceptional value to our customers, drivers and partners.”

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