The TX electric taxi has become very popular with 3,000 vehicles sold since the model’s launch and over 2,500 vehicles in operation in London. The TX achieves fuel savings of around £110 per week for drivers and has low running costs. John Flynn, owner of Fulham Cabs, has expanded his fleet of TXs by traditional vehicle funding methods such as contract hire and now, using an innovative and highly flexible Transport-as-a-Service (TaaS) finance solution from Octopus Group, he has added another 60 vehicles, taking the total to 180.
The TX features eCity technology, which combines 80 miles of zero-emission pure electric range with the flexibility of a total electrically driven range of 377 miles - made possible thanks to the on-board range-extender. In addition to savings in fuel and servicing costs, passengers benefit from a comfortable and luxurious cabin capable of seating six people complete with a panoramic roof, onboard wi-fi and charging points for mobile phones and laptops – creating an office environment even when on the move.
“I first bought LEVC’s TX back in March 2018 and since then I’ve been looking to add more vehicles to my fleet due to the fact they are so popular with both drivers and passengers” said Mr Flynn. “I found Octopus’ financing solution to be the ideal way to make this happen due to its flexibility. Ultimately that’s a huge benefit when you’re running the UK’s largest electric taxi fleet.”
Daniel Saunders, Investment Director at Octopus, added that the expansion of the fleet is a huge achievement and that the UK desperately needs others to go green if the country is to meet its wider goals of limiting carbon emissions to net zero by 2050 and improving air quality.
“Our innovative model is an easy way for forward-thinking fleet operators to switch to zero-emission vehicles and help to power the clean vehicle revolution in Britain” Mr Saunders said.
The financing solution from Octopus, which was recently named the Innovative New Product of the Year at the Commercial Fleet Awards, is available to a range of commercial fleet operators, not just taxis. It offers improved cash flow by matching repayments to rental income and usage, while also balancing the repayments across the portfolio of vehicles funded, reducing financial volatility and helping budgeting.
In addition to financing, Octopus’ TaaS solution includes real-time fleet data, enabling fleet managers and owners to maximise the operational efficiency of their vehicles. LEVC anticipate this to be a highly popular finance solution for their newly announced light commercial van due for release in Q3 2020.
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