NB: When did you and Lyndsey first decide to focus on electric vehicles?
ST: We were eager to switch to an electric car, but like many, we found the price out of reach. The more I looked into it, the more I realised how inaccessible electric cars still were for many people.
I saw how the salary sacrifice model could solve this problem. The government's ultra-low Benefit in Kind rate for EVs creates huge tax savings for aspiring electric car drivers, offering 30-60% off the usual monthly lease. With my background in scaling tech businesses and understanding distribution models through employers, I saw a clear opportunity and business model. The timing of the ultra-low Benefit in Kind rates, combined with the UK government's ambitious Net Zero targets, everything aligned, and loveelectric was born.
This was our chance to drive our dream car, and to bring affordable electric transport to businesses and their teams nationwide.
NB: What do you think has driven loveelectric's rapid growth and success?
ST: It was definitely a bit of ‘right time, right place!' The biggest barrier to EV adoption has always been the cost, and salary sacrifice provided a compelling solution to overcome that. There weren't many companies in the market offering salary sacrifice when we launched in 2021, and even fewer specialising in it, which allowed us to move quickly and make an impact.
Since then, we've continued to scale our growth and impact. From day one, we've focused on reducing the cost barriers that stop people from driving EVs. Introducing reloved®, our used EV salary sacrifice marketplace, was a game-changer, lowering the salary requirement and making the switch to electric transport even more affordable. This innovation has opened up electric driving to more people than ever before, while companies see even greater CO2e reductions.
Our tech platform has also played a key role. We built it to simplify every aspect of the process - from finding the right EV to managing the lease and insurance - making it easy for businesses to offer the benefit to their teams.
We were delighted to be acknowledged as Broker News' Best EV Broker in 2024 and Sustainability Entrepreneur of the Year 2023 and to receive two awards at the 2024 E-Mobility Awards - all markers that we're on the right track!
But it's not just about the numbers. Our commitment to sustainability is core to who we are, and it's why becoming a certified B Corporation felt like a natural next step for loveelectric.
NB: Was becoming a B Corporation part of your original plan?
ST: Yes, becoming a B Corporation was part of our vision from the very start. Our goal has always been to make a positive impact, both socially and environmentally, and being a B Corp is a commitment to the highest standard of ethical and sustainable business practices. We were B Corp (pending) from day one and we were proud to announce in August this year that loveelectric is officially B Corp certified.
Our sustainable business model is built on making electric vehicles more affordable and accessible, helping companies reduce their Scope 3 emissions while supporting the shift to greener transport. We're committed to clear, transparent pricing with no hidden costs, and we only deal in 100% electric cars.
People are a big part of the sustainability story, too. We invest in creating job opportunities for younger generations and mums returning from maternity leave, and we donate 10% of profits to charity each year. Becoming a fully certified B Corp was a natural step in holding ourselves accountable to these goals as we continue to focus on the long-term impact of our work.
NB: How do you address common concerns about the cost and practicality of switching to an EV?
ST: There's a lot of misinformation out there when it comes to electric vehicles, and we recognise that many people feel unsure. One of the most common concerns is battery health, but the data now shows that EV batteries outlast the chassis of the car itself. These cars are built to last, and battery technology is advancing quickly, so we only expect to see huge improvements year on year.
In terms of cost, our salary sacrifice scheme allows employees to save up to 60% on leasing an EV, which makes it a far more affordable option. And with our reloved® used EV marketplace, the cost barrier is lowered even further.
Another concern is charging infrastructure, but the UK's network is improving rapidly, with thousands of charging points being added every year. For those still on the fence, we continue to create informative content on our website to address these myths and help customers make the switch with confidence.
NB: What's next for loveelectric, and how do you see the future of the EV industry in the UK?
ST: With the UK government's commitment to achieving Net Zero by 2050 and the ban on fossil fuel cars by 2035, the future of the EV industry is about accessibility. We need to make electric vehicles affordable and available if we're going to meet these ambitious targets and electrify the UK's roads.
That's why we're laser-focused on used EVs. Alongside reloved®, we introduced used electric vehicles through Personal and Business Contract Hire (PCH and BCH) earlier this year, both of which will play a critical role in lowering the barriers to entry. By offering more affordable options, we can ensure that more people who can't access a salary sacrifice benefit can make the switch to electric.
Our work with our funding partners will continue to be a key part of this strategy. We recently launched a white-label web app to bring tens of thousands of used EVs to brokers across the UK to be re-leased to new drivers.
Moving forward, loveelectric will keep driving this shift, making EVs accessible through salary sacrifice and leasing options while showcasing the tangible benefits of electric driving. The market is growing, and our mission is to get everyone loving electric.
For more information please visit loveelectric
